A flourishing loan industry offering quick cash at exorbitant interest rates is under attack by consumer groups in storefronts all over California.
вЂњPayday loansвЂќ allow borrowing against the next paycheck for 14 days at a high price of $15 per $100–a 390% apr. ItвЂ™s appropriate, but consumer advocates call it loan-sharking.
And people that are vulnerable being targeted through tv advertisements, they state, including those already profoundly in debt and also teens whom require cash for times.
вЂњThis fundamentally produces an industry for bad checks,вЂќ said Earl Lui, senior lawyer with Consumers Union. Keep reading