WaPo Article on Payday Loan: $450 cost for $1,500 loan, or 651% APR

Here. An excerpt:

[W]henever Newman [the borrower] tried to pay more than the monthly rate, the lenders encouraged him to keep his money.

“They were trying to keep that money going, to hold on to me and keep pumping cash out of me,” Newman said.

* * *

“I’ve gotta tell people to stop. ‘Think. Slow down. Sit back. Don’t do it,’ ” Newman told me. “Those loans are addicting. I always wonder, ‘Who’s gonna give me a loan?’ and all of a sudden — Bam! — here’s someone who will.”

Comments

[sms lån]

As a share of household income, the debt burden was the greatest .

[Payday Loans Online Lenders]

It's a loan designed to tide you over till payday (I've always known that as a sub or advance). It was the name of the company offering such loans (which carry an astronomical interest rate) that caught my attention - Wonga.

[kwik quid]

Payday loan is a very short term loan, often two to four several weeks, in which a person can lend an sum of money established by his or her weekly pay and pay it back in full at the end of the two to four 7 days charging pattern. These loans can be used for in either traditional suppliers or on the internet.

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