Major Banks Aid in Payday Loans Banned by States

http://newsdoors.blogspot.com/2013/02/major-banks-aid-in-payday-loans-banned.html

Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent.

With 15 states banning payday loans, a growing number of the lenders have set up online operations in more hospitable states or far-flung locales like Belize, Malta and the West Indies to more easily evade statewide caps on interest rates. Read More: http://newsdoors.blogspot.com/2013/02/major-banks-aid-in-payday-loans-banned.html