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He’s aiding borrowers in developing nations

Published on July 25, 2008

In the United States, the cost of borrowing money is stated clearly and consistently, thanks to federal law. The Truth in Lending Act requires lenders to tell customers the annual percentage rate they would pay, so customers can easily shop for the best deal. But in developing countries, it’s truly a different world. Customers, especially poor business people taking out tiny loans from microfinance lenders, often have a hard time learning the real rate they’re paying.

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