Want Fast Cash? Watch Out For Triple Digit Interest
Cash advance businesses promise you cash that is fast your following paycheck. It may look like a good notion, but a tiny loan may cause high rates of interest and mountains of financial obligation. Guest host Allison Keyes speaks with Washington Post columnist Petula Dvorak whom reported on what one man’s $1,500 loan might have wound up costing him $18,000.
ALLISON KEYES, HOST:
I Am Allison Keyes. This really is LET ME KNOW MORE from NPR Information. Michel Martin is away. Coming, we have a look at exactly just just how people use mail to scam older people. We’ll talk to an associate for the U.S. Postal Inspection provider about some swindles that are common just how to get them. Which is simply ahead.
But first, we glance at another real means individuals are being tricked into losing 1000s of dollars. Pay day loan organizations promise quick money before your following paycheck. Perhaps you’ve heard the adverts from the radio or perhaps you’ve heard of night time commercials featuring pitchmen like Montel Williams. (more…)