Legalized Loan Sharks Lead Borrowers to Debt Trap

400% interest rates, repeat borrowing a recipe for nightmares

Andy Spears

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A survey conducted by DebtHammer finds that 90% of payday loan borrowers regret taking out their loan. That may not be surprising considering that interest rates can be in excess of 400% and it often takes five months or more to pay off a single loan.

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Andy Spears

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