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

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 reach500 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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This interview aired on Wednesday, March 27, 2019. 


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Jan Ross Piedad Sakian 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