1,000% loans? Scores of borrowers face crushing costs

1,000% loans? Scores of borrowers face crushing costs

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

On the other hand of this country, Marvin Ginn, executive manager of Native Community Finance, a tiny loan provider in Laguna, brand new Mexico, reports that some clients arrived at him looking for assistance refinancing loans from nearby payday lenders that carry annual percentage prices greater than 1,000 per cent. (more…)

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