We haven’t slammed payday lending for a long time now, and so I figured it is about time.

We haven’t slammed payday lending for a long time now, and so I figured it is about time.

Exactly What Are Payday Advances?

I’ve attempted in my overly wordy and way that is complex explain payday financing in previous articles (see for example Reverse Bank Robbery, Banking institutions Now Payday Lenders, and Wonga: So Wronga), but this 76-second video clip may be the easiest, clearest description of payday lending’s ugliness that I’ve seen.

Into the video’s instance, John ultimately ends up having to pay seven $75 fees—$525—to borrow $500 for 12 months. (more…)