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These statistics are similar in most other states. Which means the borrower pays $400 - $500 in loan fees on a $400 loan. This really is absurd usury and will be illegal since it is not helping anyone except the lender. It is predatory lending at best that just gets borrowers in deeper debt than before."Some will say, that little man should have somewhere to go," said state Rep. Eldridge Emory, "Butif he gets money this way, heis just digging an opening deeper and deeper, and heis not going to get out."Several states like New York have currently banned this form of predatory lending. - Advance Cash Day Loan Pay Cash Advance Credit Card Chase
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