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Resource ID: #26661
Subject: Native Americans
Source: Al Jazeera America
Affiliation: 
Date: June 17-19, 2014

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Description

A new money­making venture is on the rise among American Indian tribes, especially in isolated parts of the country: online payday lending. About 3 million Americans take out an online payday loan every year. These are small loans with extremely high interest rates—typically 400% annually—and borrowers are mainly those who can't get loans elsewhere because of bad credit histories. Many states have outlawed or limited the practice, citing exorbitant interest rates and often deceptive contracts.

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