Payday loan providers that fee 400 percent interest desire access to small-business loans

Payday loan providers that fee 400 percent interest desire access to small-business loans

Experts state the industry takes advantageous asset of financial desperation and may cap its rates of interest first

On its web site, Payday Money Centers touts the tiny, short-term loans with an even more than 400 per cent rate of interest it gives customers through its almost two dozen Ca shops.

However with the economy crashing and less clients walking through the doorways, the 23-year-old payday loan provider is suing for use of a small-business financing system that fees simply one percent interest and will be offering organizations the chance to have their loans forgiven. Continue reading