Podcast: Inside the High-Cost Lending Industry
High-cost lenders have long offered payday and installment loans to those with bad credit as a quick way to get cash in an emergency without any questions or hassle. But with annual percentage rates that can exceed 400 percent, consumers can unknowingly get trapped in a cycle of debt.
Paul Kiel joins Steve Engelberg on the podcast this week to discuss his series investigating high-cost lenders, the difference between payday and installment loans, and how the industry has managed to survive in state after state despite attempts to ban these products.
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