经济学人下载:短期借贷 原则与利率 (1)

Finance and Economics
财经

Short Term Lending: Principles and Interests
短期借贷：原则与利率

America's Payday lending industry is been squeezed.
美国的发薪日贷款行业正在遭受挤压。

In May 2013 Gloria James borrowed $200 from Loan Till Payday, a lender near her home in Wilmington, Delaware.
2013年5月，格洛丽亚詹姆斯向她家附近的Loill Till发薪日贷款处（纽约州特拉华州威尔明顿市的一名贷款处）借了200美元。

Rather than take out a one- or two-month loan for a $100 fee, as she had done several times before, she was offered a one-year loan that would set her back $1,620 in interest, equivalent to an annual rate of 838%.
然而不像她之前几次借款一样，借贷1个月或者2个月，支付100美元的费用，她这次贷款时间为期一年，得偿还1620美元的利息，也就是说年利率为838%。

Ms James, a housekeeper making $12 an hour, agreed to the high-interest loan but quickly fell behind on her payments.
詹姆斯是一名管家，每小时可以挣12美元，她接受了高利贷，但她很快无法用自己的薪资偿还贷款。

After filing a lawsuit in federal court, a Delaware judge ruled that the loan in question was not only illegal but “unconscionable”.
朝联邦法院起诉后，特拉华州的一名法官宣判该笔有待商榷的贷款非法且不合理。

Her story is remarkably common.
她的故事非常普遍。

Americans who live pay cheque to pay cheque have few places to turn when they are in financial distress.
用以票养票的方式生活的美国人遇到经济困难时，几乎没有回旋的余地。

Many rely on high-interest payday loans to stay afloat.
许多人依靠高利息发薪日贷款来维持生计。

But government efforts to crack down on the $40bn industry may be having an effect.
但政府正在着力打击这个400亿美元的产业，可能会对它产生影响。

Roughly 2.5m American households, about one in 50, use payday loans each year, according to government statistics.
根据官方统计，差不多250万的美国家庭中，几乎每50个中有一个每年都用发薪日贷款。

The typical loan is $350, lasts two weeks, and costs $15 for each $100 borrowed.
代表性贷款方式是350美元，持续两周，每笔$ 100的借款费用为15美元。

Although payday loans are marketed as a source of short-term cash to be used in financial emergencies, they are often used to meet chronic budget shortfalls—in 2015 more borrowers in California took out ten payday loans than took out one.
虽然发薪日贷款作为短期现金来源被用作金融紧急情况，但它们常常用于应付长期预算短缺 - 在2015年，加利福尼亚州的更多借款人选择10个工资日贷款，而不是1个工资日贷款。

Critics say the industry dupes its vulnerable customers into paying high fees and interest rates.
批评者们认为这个行业欺负其弱势的客户支付高额的费用和利息。

And yet surveys show its customers are mostly satisfied, because payday loans are easy and convenient.
而调查显示，其客户大多满意，因为发薪日贷款方便快捷。

Regulation of payday lending in America has historically been the responsibility of states.
美国工资日贷款的管理历来是国家负责的。

Over a dozen use interest-rate caps to, in effect, ban payday loans.
实际上，超过12个州利用利率上限来禁止发薪日贷款。