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.



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.