Big Banks Involved in Payday Lending

Payday lending is a practice that name-brand banks tend to eschew. But a new report from the Center for Responsible Lending says many of the biggest banks are effectively involved in the payday-loan business because they offer products that resemble payday loans. Payday loans, which have interest rates of up to 300 percent, can create a vicious cycle of debt for uneducated and at-risk borrowers.