Predatory payday loan companies harm borrowers, economy
3 min readMar 13, 2007
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by J Scott Christianson, Columbia Daily Tribune Columnist
Last year’s Nobel Peace Prize was awarded to Muhammad Yunus, a U.S.-trained economist who established a bank in his native India to lend small amounts of money to the poorest people in the world. These micro-loans allowed people to raise themselves out of poverty, establish a good credit rating and develop thousands of small, sustainable businesses.
In areas where micro-loan programs have been established, the local economy has benefited from the…