Program: PAYDAY LOANS
Series:	INSIDE E STREET
Length:	26 min.
Link:	http://www.insideestreet.org
Air Times:	6/11/2013 at 11:30 AM   [KLRN 9.1 HD]
Program Description
Payday loans were established as a quick way to obtain a loan in-between paychecks. The draw of being simple and convenient has made it possible for close to nineteen million American households to use this service annually, spending more than seven billion dollars solely on fees. However, some customers and opponents claim that in reality, the use of payday loans has become a form of legal loan sharking. Carrying an annual percentage rate close to four hundred percent, critics believe lending companies are hoping to keep their consumers in debt. Host: Lark McCarthy. Guests Include: Mike Calhoun, President of the Center for Responsible Lending, and Jamie Fulmer, the Vice-President of Public Affairs for Advance America. Representative Debbie McCune Davis (D) of Arizona.