‘It left me with nothing’: the debt trap of payday loans - short news
Some payday loans have interest rates as high as 664% – but now Minnesota will cap them at 36%, in line with some other states
Meka Armstrong of Detroit, Michigan, has struggled in a cycle of debt from payday loans for years. She first took out a payday loan in 2010 to cover the costs of medication she needs as she is disabled and lives with lupus.
“Worst decision I ever made,” said Armstrong. “The interest rate was 49% and I thought I would get my medications and pay..
source: The Guardian - 02.06.2023