Do Black-Owned Banks Substitute for Payday Lenders? An Exploratory Study
The annualized interest rate charged on payday loans can reach 1,950 percent, whereas similar rates charged by banks are typically less than 25 percent. Also, persons borrowing from payday lenders and paying the higher interest rates are disproportionately lower-income Blacks. This provides an incen...
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| Auteurs principaux: | , , |
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| Format: | article |
| Langue: | EN |
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Pompea College of Business
2021
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| Accès en ligne: | https://doaj.org/article/36cc5d75cb87475c847d869ca1713576 |
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