The Real Cost Of Quick Cash: What Should You Know About Payday Lending Services?
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?
- Ann Baddour, director of the Fair Financial Services Project at Texas Appleseed, a partner organization in the Texas Fair Lending Alliance
- Lisa Stifler, deputy director of state policy for The Center for Responsible Lending
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This interview aired on Wednesday, March 27, 2019.