loan sharks

So presenting borrowers with a clearer explanation of how costly it will be to carry the loan might save some folks from falling into the payday debt trap. But what about the other 90 percent of borrowers, who even when presented with evidence of the long-term costs still took the loan? For many of these borrowers, no amount of information will deter them.

- 400 Percent APR - Is that good? Do people take out payday loans because they're desperate—or because they don't understand the terms?