There are now more payday financing shops in the U.S. than here are Starbucks outlets. Ryan J. Foley/AP hide caption
You can find now more payday financing shops in the U.S. than here are Starbucks outlets.
Into the city of Logan, Utah, in a strip mall close to an audiology hospital and television store, there is a small storefront. In a life that is past had been a bank branch; today, it really is where Michael Berry works. He is a lender that is payday and each time individuals are available in and borrow cash from him.
«Our loan is $1.50 per hundred per time, so after 5 days, $7.50,» Berry states. » It could be $107.50 is exactly what they owe right straight straight back.»