Powerful alternatives to predatory lenders: Postal Service banking and public banks

Chicago Sun-Times

The payday and auto title loan industry offers predatory loans to people who live in communities that lack access to traditional banks. In Illinois, the interest rate on these loans ranges between 197 and 297%. Nationally, the industry extracts about $90 billion from low and moderate income households annually.

To put this into context, the millions of Americans who rely on these usury loans sometimes spend more on interest and fees in one year than on food.


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