Payday Loans

There is growing concern about so-called payday loans - short-term, high-rate loans often marketed in poor neighborhoods and to African-Americans. Concern recently changed to controversy after reports that Kweisi Mfume, president of the National Association for the Advancement of Colored People, told a trade group for payday lenders that there was an ongoing need for their services. Tavis Smiley asks Mfume what he really said. Later, correspondent Karen Grigsby Bates talks with Congresswoman Maxine Waters, a critic of the payday loan industry, and Rick Lyke, spokesman for the trade group that invited Kweisi Mfume to speak at its annual convention.

Copyright © 2002 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

Copyright © 2002 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.



Please keep your community civil. All comments must follow the Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.