According to reports, “Nationwide, borrowers pay $12 Billion in Fees and Interest Every Year”. In addition, “There are more than 20,000 payday lenders in the United States. In Alabama, there are four times as many payday lenders as there are McDonalds restaurants.” Because of the exorbitant interest rates of these loans, some borrowers will pay more in interest then they will the total amount borrowed! Continue reading…
screen capture from youtube.com/Southern Poverty Law Center
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