Payday Lending industry is not exactly a sympathetic victim. I guess they perform a service that people want but it’s a pretty horrible bargain
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Yeah, you’re absolutely right! Mafia-related loan sharks are so much better as a source of lending of last resort.
You only have to pledge the integrity of your knee caps to get a loan; not something so foolish as a good part of your paycheck.
Better yet. let’s turn everything into a “black market” simply because of distaste for a necessary segment of an industry.....foolish prig!
I hit a really “down” time of nearly three years in the 90s. I took out three loans, interest as high as 100%. Great bargain, no but my choice at the time was:high interest; rob a grocery store; or lose the house. I somehow got all of them paid off on time (folk at the loanshark shop told me that was rare for them). I finally got back into a good job, everything clean, but Bud when I needed it, I was glad to have these loans available.
Payday lenders have branched out. Now they do check cashing and money transfers. In sanctuary city TX, formerly known as Fort Worth they are everywhere that “migrants” are located. They have gone from small one room offices to huge corner lot buildings that compare to Wells Fargo or similar banks. Ripping off the Julios of their tax free pay every Friday. Can’t believe the line into these places on payday!