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Payday Loans are now illegal in 16 states in America and the loan sharks are out in force to exploit the British population. The Tory government has welcomed them in and basically this is how this sick and callous business works. Banks yes you know them the places with lots of money get to borrow money extremely cheaply and have been bailed out to the tune of billions by taxpayers. Only now they've decide not to lend money to the taxpayer and so the working man has to borrow at grotesque levels of interest (as high as
4000% APR) while the banks are essentially given financial aid through your taxes. once reserved for the poorest countries it seems that the only way out of this mess is for churches, trade unions and co-operatives to provide a system of microfinance.
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