Payday loan providers that fee 400 percent interest want access to small-business loans

Experts state the industry takes benefit of financial desperation and may cap its rates of interest first

On its site, Payday Money Centers touts the little, short-term loans with an even more than 400 per cent rate of interest it provides customers through its almost two dozen Ca shops.

However with the economy crashing and less customers walking through the doorways, the 23-year-old payday loan provider is suing for use of a small-business financing program that fees simply one percent interest while offering organizations the chance to have their loans forgiven. Continue Reading