We have actuallyn’t slammed payday lending for a long time now, therefore I figured it is about time.

Exactly What Are Pay Day Loans?

I’ve attempted in my overly wordy and way that is complex explain payday financing in past articles (see for example Reverse Bank Robbery, Banking institutions Now Payday Lenders, and Wonga: So Wronga), but this 76-second video clip may be the easiest, clearest description of payday lending’s ugliness that I’ve seen.

When you look at the video’s instance, John eventually ends up paying seven $75 fees—$525—to borrow $500 for 12 days.