Payday loans offer fast help -- at a price

Seattlepi.com:

Four days before payday, Christi was in a familiar place -- broke -- and facing so many bills that the lure of emergency cash was hard to resist.

Her old solution had been to walk down the street to a payday loan shop, write a postdated check for $575 and leave with $500 to hold her until she got paid.

But that temporary fix came with a high price -- a staggering annualized interest rate of 391 percent on a two-week loan. She took out one loan to cover another, and soon had six loans with fees of $800 a month.

Posted by Tim on May 24, 2005 | 0 Comments

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