“PayDay Loans”, la historia de los microcréditos

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Editorial: Finally, a crackdown on predatory payday loans
Iván Palacio

Starting in 21 months, the rules will require both payday and auto title lenders (who offer short-term loans that use the borrower’s car or truck as collateral) to do the sort of thing banks and credit unions already do: Before extending a loan, they’ll have to determine whether the borrower can repay it. These lenders haven’t bothered with that sort of underwriting because it’s costly, relying instead on high fees (typically, $15 per $100 borrowed, or the equivalent of an interest rate of at least 300% a year) to cover the high rate of default. The bureau found that in 2011-’12, nearly half of the money lent by storefront payday outlets went uncollected — hence the need for blockbuster revenue from fees.

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