Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent.
With 15 states banning payday loans, a growing number of lenders have setup online operation in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates.
While the bank, which include giants like Read More >>
The bills need to be paid and you don’t have enough money. A short-term payday loan may seem like the only option to get you past the crisis.
These days, payday loans are just a mouse click away. And some of the offers are mighty tempting: a “guaranteed” loan without a credit check.
Because of the exorbitant interest rates, payday loans are never a good deal for the borrower, but using an unknown online payday loan store can be even worse. Read More >>