Monday, March 1, 2010

Payday lenders find a new source of business


"The payday loan industry has found a new and lucrative source of business: the unemployed.

Payday lenders, which typically provide workers with cash advances on their paychecks, are offering the same service to those covered by unemployment insurance." -- full story

In Maryland, MCRC will testify in favor of HB 79, which would close a loophole that payday lenders are using here to charge interest rates of up to 700 percent.

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