Here’s a video confession from the former manager of a Virginia payday loan center.
She shows how they played down the 400%+ APRs. She talks about about how rather than be the financial tool that the payday loan industry makes them out to be, payday loans actually keep most of their clients poorer. She says she has “no idea” why elected representatives would keep supporting payday loans.
We have some idea: because the payday loan industry is giving them big donations. — BEN POPKEN
Payday Loans Trap Borrowers [Center For Responsible Lending]