Post ID 43882

Cash loan on benefit check costly to unemployed

The loan that is payday has discovered a brand new and profitable way to obtain company: the unemployed.

Payday lenders, which typically offer employees with payday loans on the paychecks, are selling the service that is same those included in jobless insurance coverage.

No job? Not a problem. An average unemployed Californian getting $300 a in benefits can walk into one of hundreds of storefront operations statewide and walk out with $255 well before that government check arrives — for a $45 fee week. Annualized, that is a pastime price of 459 per cent. (more…)