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Marina86 [1]
3 years ago
8

What are payday loans and why do you think some states have banned payday loans? What are some of the interest rates on these ty

pes of loans? What is a loan shark? What are examples of famous loan sharks?
Social Studies
1 answer:
romanna [79]3 years ago
4 0

Answer 1.

Payday loans are cash loans that are often used when someone needs the money immediately. The borrower leaves a check with the amount of the loan plus an <u>extremely high fee</u><u>,</u> when the borrower is ready to pay, the lender uses the check.

<em>Some states have banned payday loans as a measure to stop the abuse of high fees to borrowers, and to stop the cycle of borrowing. </em>

Answer 2.

The average interest rate on a payday loan is 391% when you can repay the loan in two weeks, after that the rate grows to an average of 521%. From every $100 borrowed there is an interest fee of $15 or $20.

Answer 3.

A loan shark is a lender that charges interests above the established legal rates, they often act in an illegal way and take advantage of the people's desperate need to get money. A loan shark has cruel ways of getting their money back they often use violence and harassment to get paid.

Famous Shark Loans:

Some examples of famous loan sharks are Sam Battaglia, Jimmy Caci, Fiore Buccieri and Anthony Salerno.


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