Payday loans have become a scourge on our state with interest rates that average more than 300 percent.
Most payday borrowers end up trapped in debt because they cannot pay off their high-interest loans and also cover their normal living expenses.
The borrower is forced to take out loan after loan, incurring new fees each time. While payday loans are often marketed as a one-time, quick fix for people in trouble, payday lenders’ public reports show they depend on getting people into debt and keeping them there.
Read more here at Kentucky.com.