Most ridiculous article ever
November 12, 2009 | alternatives, industry | Comments (0)Under a headline “R.I.P Payday Loans?” NPRonline says:
According to an interim FDIC report, the pilot program appears to be a success and federal officials have announced they plan to expand the program next year. So far, 31 initial banks collectively have offered $28 million in loans up to $2,500. About 8% of customers were delinquent, roughly the industry average.
Last year, the Federal Deposit Insurance Corp. began offering banks incentives to offer short-term, small-dollar loans of up to $2,500 to low-income Americans to help those with low or no credit scores get access to regular banking outside of the 23,000 pay day loan outlets nationwide.
This is the mortal threat to the payday lending industry?
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