The slavery of payday lending
This is the Truth In Lending Disclosure from an actual Operation HOPE client's pay day loan contract. (The client has agreed to let me take a photo as long as they could remain anonymous.)
Here is the run down:
The person Borrowed $300.00
The interest Rate is: 620.189%
The Total Interest Paid will be: $945.00
This is a 2 week loan that has been extended 2 times (total of 6 weeks).
The Total Amount paid back will be: $1245.00 !!!
And THIS -- is what we are fighting to dismantle at Operation HOPE, with Project 5117, and with our 'silver rights' movement. A special thank you here to HOPE Inside Counselor Crystal Nickson for her help here.
Spread the word. Hope is on the way.
John Hope Bryant