Quote of the Day: “We have more payday lenders and check cashers in San Francisco than we have Starbucks and McDonald’s combined.”

"We have more payday lenders and check cashers in San Francisco than we have Starbucks and McDonald’s combined," San Francisco Treasurer José Cisneros said. More than two dozen regional and community banks now offer versions of these loans, most starting their programs since 2007. The biggest increase, however, has come at credit unions. Nearly 400 now are in the market, attracted by a 2010 change in regulations that boosted the maximum interest rate on payday loans to 28% from 18%.

Read more: http://www.latimes.com/business/la-fi-banks-payday-loans-20120311,0,3076812.story