State Catholic conferences confront the scourge of payday lending catholicnews.com

It has been well documented over the past year that a fairly large percentage of Americans cannot afford a $400 emergency expense. This makes them the perfect target of payday lenders.

Under the terms used by payday lenders — some call them “predatory lenders” — in many areas of the country, someone who’s strapped for cash takes out a small loan. The lender charges, say, 10% interest. Not that bad, you may think. But that 10% rate is not per year, but per week. When the loan comes due in a couple weeks’ time, the borrower cannot pay it all back, and so must take out another loan…

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