No, predatory lending is not dead. These payday lenders try to set up shop on Native American reservations to try to skirt state rules, but the FTC has been trying to go after them.
There's also a lot of predatory lending to small businesses, because most laws against it only govern lending to individuals and consumers, and not commercial debt.
Post by hannamarin on May 19, 2012 16:17:38 GMT -5
Slightly related. Within walking distance of my apartment, there are about 6 payday loan stores. They advertise their rates and it is horrible! Pay $20 to get $200. Sad thing is that at least 2 new stores have opened in the last 6 mths. I honestly live in a decent area. Not great, it is downtown, but it isnt a slum.