January 30, 2012

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These statistics offer a similar experience in many other states. Which means the borrower can pay $400 - $500 in loan fees on a $400 loan. This can be absurd usury and should be illegal since it is not helping anyone except the lender. It is predatory lending at better if just gets borrowers in deeper debt than before.\"Some will say, that little man has to have somewhere to go,\" said state Rep. Eldridge Emory, \"Butif he gets money by doing this, he's just digging a dent deeper and deeper, and he isn't going to get out.\"Several states like Vermont have currently banned this form of predatory lending.

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Payday lending companies have high dollar lawyers and they are probably lobbying a state politicians right now to protect their interests. If enough people complain the states will all want to do something about this predatory form of lending.

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