A big part of the payday lending story that somehow does not get much play is the comparison to the loan sharks of the past and the historical animosity towards usury. The Salt Lake Tribune has a good story of the dangers of predatory lending, but even better is that it brings up these points. Best of all though is the title: Least the Mafia only charged 250% interest. Makes one wonder why Rep. Luis Gutierrez (D-IL) is pushing to set the federal limit at 390% for a 2-week loan and 780% for a one week loan.
(photo: Jeff Kubina)
