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500 % APR You Kidding Me?

500 % APR You Kidding Me?

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9 AM Doug spilled Diet Coke all over himself this morning and is pretty embarrassed about it. However, this is not the topic for this hour. Payday loans are putting people in real financial jeopardy. With APR's of over 500%, these places often take advantage of the desperate. Doug notes how friendly and pleasant the loan centers are and how they make their customers feel very welcome and important while signing them up for incredibly high loan rates. He also notes how many new to this country are suspicious of traditional banks and that these payday loan centers fill a niche. But is this niche exploited? Well, you don't get the moniker "predatory lender" for nothing. Many other states have banned or put interest rate caps on these types of businesses. Doug believes that more regulation is necessary for Utah. A caller who used to work for one of these companies tells Doug how awful these places are. "Legalized loan sharks" is the term he used. Harsh. But fair. The caller left the business because he could not stand the way the company treated those who borrowed. Intimidation and threats were common in his workday. The lesson here is: don't use payday loan centers. It's not worth it. Legislation in the area has already made it more difficult for these types on institutions to open and they will no longer be giving loans to those in the military.

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YOUR TEXTS: "Payday loans I call them loan sharks if u default on one payment they show up at your home or work and they dont stop untill they get they money"

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