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PayDay Lender Stores A Sign Of Crime
11-03-2009 04:45 AM PST
| By ###Eric Roy/Sandy Wells/Steven Behm/Abbott Dutton/JQ Lawrence/acv LAX) OC)
(Northridge, CA) -- Neighborhoods dotted with payday-lending businesses tend to have higher crime rates. That's the finding of a new study by Cal State Northridge and George Washington University. The researchers recommend that Congress pass legislation capping payday-lender interest rates at no more than 36-percent, the same kind of protection Congress has already mandated for U.S. military families. In many cases, the Consumers Union has pointed to interest rates on payday loans that are as high as 911-percent for a one-week loan.<
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