And watch out for app-based lenders like SoLo Funds - caught charging 4000% in Connecticut. Ouch! Other offenders include MoneyLion. - Andy Spears

…nual percentage rate (APR) based on the fees associated with payday loans, it can be close to 400%. Some payday lenders even charge interest rates upwards of 2,000% APR. This means that individuals who take out payday loans may end up paying back significantly more tha…

Breaking the Cycle: Avoid Payday Loans and Build Financial Health

Cindy Yang

Andy Spears

Nov 15, 2023

And watch out for app-based lenders like SoLo Funds - caught charging 4000% in Connecticut. Ouch! Other offenders include MoneyLion.

Written by Andy Spears

2.6K Followers

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .

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