Consumers in Washington D.C. have apparently flocked to credit unions since the district outlawed payday lending last year. Payday lenders whined that lending without 300% APRs was utterly unaffordable, but credit unions are proving that it's possible to make long-term, low-dollar loans with interest rates as low as 16%.
Monday, July 28, 2008
Can this come here?
Payday lenders have been outlawed in Washington D.C. and are being replaced by credit unions. Payday lenders are evil predatory remoras. Hopefully, this will become a trend and spread across the country. [Link]
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