1,000% loans? An incredible number of borrowers face crushing costs

Final xmas Eve, Virginia resident Patricia Mitchell borrowed $800 to aid cope with the holiday season. Within 90 days, she owed her loan provider, Allied advance loan, $1,800.

On the other hand of this nation, Marvin Ginn, executive manager of Native Community Finance, a little lender in Laguna, brand new Mexico, states that some clients arrived at him looking for help refinancing loans from nearby payday lenders that carry annual portion prices in excess of 1,000 %. Read more