CBS News | Paying More For Payday Loans
CBS News | Paying More For Payday Loans | May 19, 2005 11:11:24: "(CBS) What do you think is too much interest to pay on a loan? Twenty percent? Forty percent? One hundred percent? Well, believe it or not, millions of Americans are taking out small loans at rates that can reach 400 percent a year or more.
It may sound like loan sharking, but in most of America, it's perfectly legal, and part of a trend called payday lending. As Correspondent Scott Pelley reports, payday stores are among the fastest growing financial services in America -- now a $40 billion-a-year industry."
It may sound like loan sharking, but in most of America, it's perfectly legal, and part of a trend called payday lending. As Correspondent Scott Pelley reports, payday stores are among the fastest growing financial services in America -- now a $40 billion-a-year industry."
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