Title

"News" piece on Cash X-Press in Bangor, a licensed payday lender that will loan

Authors

Meg Haskell

Source

Maine Times

Date

3-7-2002

Pages

5

Abstract

"News" piece on Cash X-Press in Bangor, a licensed payday lender that will loan a person up to half of their paycheck for a couple of weeks. A loan of $100 will cost $115 to repay, or 15 percent. But calculated over a year, the annual percentage rate is 780 percent. Cash X-Press has been licensed for a month, but no one has signed up for a payday loan yet. The Consumer Federation of America discourages states from licensing such operations because the profile of a typical customer is a household with an annual income of about $25,000 and the loans lead to frequent roll-overs and perpetual debt.

Subjects

Cash X-Press Bangor, Loans

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