Editorial: State must do more to end lending that is payday

Editorial: State must do more to end lending that is payday

Illustration of a lifebuoy adrift when you look at the ocean surrounded by hungry sharks (picture: Paul Fleet, Getty Images/iStockphoto)

Payday lenders gouge the poor. They offer “cash advances” or “check loans” due for payment for a customer’s payday that is next. Some charge interest levels because high as 360 per cent and use misleading and illegal methods to make use of customers who’re currently economically troubled, based on the Federal Trade Commission. Read more