According to these folks, payday loans are subject to predatory interest rates. And this particularly affects poor people who can afford it least. If true, that really is despicable. Posted for information (and discussion).Subject: Stop big banks from pushing poor families further into povertyDear Friend, Some of the nation's largest banks are looking to make obscene profits by exploiting some of the country's poorest people, and we need to make sure federal banking regulators put a stop to it. Banks like Wells Fargo, U.S. Bank, Fifth Third Bank and Regions Bank have started marketing payday loans to their customers. These short-term, high-interest loans are blatantly predatory. The cost of these loans is equivalent on average to more than a 300% annualized interest rate. And while payday lenders like to pretend it's a solution to a short-term cash crunch, the fact is that they make their money when loan recipients pay off one loan by taking out another payday loan, thereby falling into a cycle of debt that's hard to escape. Tell federal banking regulators: Stop predatory payday lending by some of the country's biggest banks. Click the link below to join me in signing the petition.http://act.credoaction.com/campaign/payday_banks/?r_by=55267...
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