High-cost lenders have long offered payday and installment loans to those with bad credit as a quick way to get cash in an emergency without any questions or hassle. But with annual percentage rates that can exceed 400 percent, consumers can unknowingly get trapped in a cycle of debt.
Paul Kiel joins Steve Engelberg on the podcast this week to discuss his series investigating high-cost lenders, the difference between payday and installment loans, and how the industry has managed to survive in state after state despite attempts to ban these products.
You can read more about high-cost lenders on our series page, Debt Inc. You can also listen to this podcast on iTunes and Stitcher.