391 % Interest on Fast Money: Worth Every Penny?
Over the national nation, debate rages on whether « payday » loans must be appropriate.
June 27, 2008 В— — As their oldest son battled cancer tumors, Richard Gilmore battled loan providers whom charged him interest levels of 391 per cent.
Gilmore, an Ohio social worker, stated he fell behind on his bills after struggling together with very own medical issues. Looking for cash that is quick he obtained a few $500 loans from what exactly are referred to as payday loan providers — companies that produce tiny, short-term loans with charges and interest levels that, determined on a yearly foundation, far surpass prices charged by old-fashioned banking institutions. (suite…)