Hysterical
February 3, 2010 | ACORN, Herb Sandler, industry | Comments (1)ProPublica, the Left-wing independent news organization funded by the Sandler Foundation, (yes, Herb and Marion Sandler, the subprime mortgage billionaires) has the audacity to criticize the payday lending industry. Click here to read about the Sandlers and their connection to ACORN.
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Payday loans are not high-interest loans because with a two-week loan the the APR is only 1/26th as significant a factor as it is with a one-year loan. At $15-per-hundred-borrowed (391% APR) the borrower only pays 15% of the loan amount in interest, whereas with a 30-year home loan at 5% APR the borrower pays over 93%.