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These statistics offer a similar experience in many other states.
Which means the borrower can pay $400 – $500 in loan fees on a $400
loan. This really is absurd usury and should be illegal since it is not
helping anyone except the lender. It is predatory lending at best that
just gets borrowers in deeper debt than before.”Some will say, that
little man should have somewhere to go,” said state Rep. Eldridge Emory,
“Butif he gets money in this way, he’s just digging a hole deeper and
deeper, and he isn’t going to get out.”Several states like New York have
currently banned this form of predatory lending.
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