Daily Archives: October 17, 2008

Payday loans are on the ballot in Ohio and Arizona

by Hans Eisenbeis WHAT’S HAPPENING Payday loans are a controversial part of the American financial landscape. They offer short term loans against expected paychecks for a fee — typically $15 for every $100. But consumer advocates point out that those charges amount to a whopping 391% annual interest rate, which is predatory and abusive. 15 states have already passed laws [...]