Interest on payday lending loan? 476%

Online payday lending company 500 FASTCASH charged an annual interest rate of 476 percent.
500 FASTCASH
Online payday lending company 500 FASTCASH charged an annual interest rate of 476 percent.
500 FASTCASH

OVERLAND PARK, Kan. - For those struggling in this economy an advance on a paycheck can be a lifeline. These advances - also known as payday loans - have become a fast-growing business online, with nearly $11 billion lent out last year.

In partnership with the Center for Public Integrity, CBS News chief investigative correspondent Armen Keteyian reports the money often comes with crippling interest rates.

Center for Public Integrity's report

Read the full CBS News report