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With payday loans, poor get the loans, firms get the payday |
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On July 2, a 74-year-old Dallas widow named Yvonne Sands received her monthly Social Security check of $1,360. Shortly after 7:30 a.m., she withdrew money from the bank and drove off to renew four payday loans with annual percentage rates of about 250 percent to more than 300 percent.
With payday loans, poor get the loans, firms get the payday
NATHAN HUNSINGER/DMNPayday lenders say they're taking a risk on those scorned by other financial companies, but critics say the loans trap customers in a downward debt spiral.
AARP, others seek tighter rules on payday loans in Texas
More than a dozen states restrict or ban payday lending.
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