Feds: Payday lender charged 700 percent interest on loans

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Feds: Payday lender charged 700 percent interest on loans

Charles M. Hallinan walks through the Federal Building in Philadelphia on April 7, 2016 thursday.

Hallinan, the top of the payday lending enterprise accused of charging much more than 700 % interest on short-term loans ended up being indicted Thursday on federal racketeering fees. Associated Press

Charles M. Hallinan walks from the Federal Building in Philadelphia on April 7, 2016 thursday. Hallinan, the top of a lending that is payday accused of charging significantly more than 700 % interest on short-term loans ended up being indicted Thursday on federal racketeering fees. Associated Press

Charles M. Hallinan, left, associated with their attorney walks from the Federal Building in Philadelphia on Thursday, April 7, 2016. Hallinan, the pinnacle of a payday lending enterprise accused of charging significantly more than 700 % interest on short-term loans had been indicted Thursday on federal racketeering fees. Associated Press

Wheeler K. Neff walks through the Federal Building in Philadelphia on Thursday, April 7, 2016. Neff is accused in a federal racketeering indictment with involved in a payday financing scheme that charged up to 700 percent interest on short-term loans. Associated Press

Wheeler K. Neff walks through the Federal Building in Philadelphia on April 7, 2016 thursday. Neff is accused in a racketeering that is federal with getting involved in a payday financing scheme that charged just as much as 700 percent interest on short-term loans. Associated Press

Wheeler K. Neff walks through the Federal Building in Philadelphia on Thursday, April 7, 2016. Neff is accused in a federal racketeering indictment with involved in a payday financing scheme that charged up to 700 % interest on short-term loans. Associated Press

PHILADELPHIA — the pinnacle of the payday lending enterprise accused of charging significantly more than 700 percent interest on short-term loans ended up being indicted Thursday on federal racketeering fees.