Dole recipient paid 884% interest: inquiry demands payday lending shake-up

Payday loans

Senate committee says products appear to be designed to take advantage of those in financial hardship

Payday lenders and rental companies should face tougher regulations and need to improve the way they consider the needs of struggling families, an inquiry has found.

A Senate economics committee inquiry, which reported on Friday, was told that in one case, a person on the dole paid the equivalent of an 884% interest rate on a rented clothes dryer.

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