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The Real Cost Of Quick Cash: What Should You Know About Payday Lending Services?

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HelenCobain/Flickr (CC BY 2.0) http://bit.ly/2CFgHuS

San Antonio has been at the forefront of trying to facilitate responsible payday lending practices, but the process hasn't been easy. 

Payday loans can be a welcome rescue for people without credit or who are hit with an unexpected emergency, but small, short-term loans can accumulate debt in weeks due to interest rates that can reach 500 percent or higher.

What does it take to pay off a loan secured by the promise of a future paycheck? What are the risks associated with borrowing from these types of "quick cash" services?

How could the Consumer Financial Protection Bureau's rescinding of a proposed payday loan rule affect borrowers and the payday lending industry? How are state and local polices addressing predatory payday lending?

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"The Source" is a live call-in program airing Mondays through Thursdays from 12-1 p.m. Leave a message before the program at (210) 615-8982. During the live show, call 210-614-8980, email thesource@tpr.org or tweet at @TPRSource. 

This interview aired on Wednesday, March 27, 2019. 

 
 

Jan Ross Piedad is TPR’s News Operations Producer. In this role, she develops strategy on collaborative and digital initiatives for the station. Since 2016, Jan Ross has served in a coordinating capacity for TPR’s state and national partners, including The Texas Newsroom.
David Martin Davies can be reached at dmdavies@tpr.org and on Twitter at @DavidMartinDavi