As banks go back to having lending standards, they turn down more borrowers. A new industry has sprouted in between traditional lender, like banks and finance companies, and traditional loan sharks like HBO’s Tony Soprano. They call themselves payday lenders. Some states, unfortunately not Michigan, have outlawed these parasites. Payday lenders charge effective annual interest [...]
loan sharks
If you’re filing bankruptcy, then chances are you may may have taken out a payday loan recently, according to a “Do Payday Loans Cause Bankruptcy?” by Paige Marta Skiba of Vanderbilt Law School and Jeremy Tobacman from the University of Pennsylvania. In theory, I have no problem with the concept of payday loans. It’s nice [...]
