#178 Planet Money: Inside A Payday Loan Shop




Planet Money show

Summary: During the credit boom, lots of payday loan stores sprang up in Mansfield, Ohio. You'd expect that all those companies would have competed with each other, driving down interest interest rates for borrowers, But that didn't happen; they all charged, basically, the same price. The lack of competition may have been the unintended consequence of a law that was supposed to protect borrowers.