
![]() |
Group says bank overdraft fees rival payday loans.LITTLE ROCK - As co-founder of Arkansans Against Abusive Payday Lending,
Hank Klein was one of the first in the state to cry foul about the
industry's use of the term "fee" to describe its charges
for short-term loans. However, the state Supreme Court has ruled that payday lenders charge interest on short-term loans, often running into triple digits when converted into an annual percentage rate, well above the state's usury limit. One difference in the practices is that consumers seek out payday
loans, said Kathleen Day, spokeswoman for the Center for Responsible
Lending. For more information about bank overdraft fees rival payday loans , please see on nwaonline.net
Apply NOW to get the fast cash you need! |