News 12 Bronx: Gov. Andrew Cuomo Cracks Down on Illegal Online Payday Loans

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News 12 Bronx

Gov. Andrew Cuomo is cracking down on online companies offering illegal payday loans.

Thousands of borrowers, including many in the Bronx, have fallen into the quick-money loan trap that comes back to bite with huge interests rates of up to 600 percent.

Local financial experts are echoing the governor’s warning to consumers. He says that no matter how desperate you may be for money right…