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The crisis often starts with a car repair or surprise medical bill. It can end with a cons...

Can we solve the payday loan debt trap? – Minnesota Public Radio News

The crisis often starts with a car repair or surprise medical bill. It can end with a consumer deep in debt having paid hundreds or even thousands of dollars in interest and fees to a payday loan company.  Payday loans are short-term consumer loans with fees so high that borrowers end up paying what amount to triple-digit interest rates. The loans have come under more criticism recently as payday lenders stepped up online advertising to people squeezed by the pandemic recession.In …

 

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