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These statistics offer a similar experience generally in most other states. Which means the borrower will pay $400 - $500 in loan fees on a $400 loan. This is absurd usury and should be illegal since it is not helping anyone except the lender. It is predatory lending at best that just gets borrowers in deeper debt than before. "Some will say, that little man should have somewhere to go" said state Rep. Eldridge Emory, "Butif he gets money by doing this, he is just digging an opening deeper and deeper, and he is not going to get out."Several states like North Carolina have currently banned this form of predatory lending.
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