Viewpoint: here is what are the results whenever pay day loans are prohibited

Viewpoint: here is what are the results whenever pay day loans are prohibited

Every week, In Theory assumes on a big concept in the news and explores it from a variety of views. This week we are referring to payday lending. Need a primer? Get caught up here.

Deyanira Del Rio is co-director of brand new Economy venture in ny. Andy Morrison is promotions coordinator at New Economy venture.

Imagine a land without any payday advances. Blinking neon indications marketing “Fast Cash” not any longer dot the landscape in low-income communities and communities of color, and nary a lender is allowed to draw out interest levels of 400 % or over.Read more