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New York Cracks Down on Sites With Payday Loan Ties

Posted on 12/5/2013 by | Money and Work | Comments

Bulletin Today | Money & SavingsIda Bibbs, a 71-year-old grandmother from New York City, wasn’t looking for a loan online, but who could resist a solicitation promising quick and easy money? No banks. No credit checks. The result, as it turned out, was a suffocating debt trap. Bibbs says she took out one high-interest, short-term loan after another from payday lenders online. First she borrowed $400, then $300 and finally $500, all in the last year.  She used the money to pay her rent — she’d …