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500 Dollar Loan AspThese statistics are similar in most other states. Which means the borrower will pay $400 - $500 in loan fees on a $400 loan. This is absurd usury and really 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 has to have somewhere to go," said state Rep. Eldridge Emory, "Butif he gets money this way, he is just digging a dent deeper and deeper, and he is not going to get out."Several states like Vermont have currently banned this form of predatory lending.
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