The Average Payday Loan Borrower Spends More Than Half The Year In Debt To Lender
The idea of the payday loan — a short-term, high-interest loan intended to help the borrower stay afloat until his next paycheck — is not inherently a bad notion. However, a new study confirms what we’ve been saying for years: That many payday borrowers are taking out loans they can’t pay back in the short-term, and that lenders rely on this revolving door format to keep the fees rolling in.
It is nothing but legalized loan sharking. It is banned in some states that that recognize 300-800% interest is kind of extreme. Some states, like Delaware, have "leaders" that have been bribed in sufficient quantities so as to keep this Mafia-like scheme going. And they claim to "represent" their citizens. Not all, of course. Just the ones who can "contribute" to their campaign.
It is nothing but legalized loan sharking. It is banned in some states that that recognize 300-800% interest is kind of extreme. Some states, like Delaware, have "leaders" that have been bribed in sufficient quantities so as to keep this Mafia-like scheme going. And they claim to "represent" their citizens. Not all, of course. Just the ones who can "contribute" to their campaign.
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