A low, low interest rate of 396 percent

By Les Christie, CNNMoney.com staff writer
December 14 2007: 12:09 PM EST
NEW YORK (CNNMoney.com) — At the East Side Organizing Project in Cleveland, six home owners recently went in for group foreclosure counseling. When asked if any had taken out payday loans, four hands shot up.
A payday loan is a small-dollar, short-term loan with fees that [...]