We haven’t slammed payday lending for a long time now, it’s about time so I figured.

Exactly What Are Pay Day Loans?

I’ve attempted during my overly wordy and complex method to explain payday financing in past articles (see for example Reverse Bank Robbery, Banking institutions Now Payday Lenders , and Wonga: So Wronga), but this 76-second video clip may be the easiest, clearest description of payday lending’s ugliness that I’ve seen.

Into the video’s instance, John ends up spending seven $75 fees—$525—to borrow $500 for 12 months.