PAYDAY LOANS: Rolling over into poverty

St. Louis Post-Dispatch/stltoday.com ^ | April 23, 2005 | St. Louis Post-Dispatch Editorial Board

[12 Gauge Mossberg]

If it is such a great business opportunity, why don't you try it with your own capital?

Well, I don't know how to open said business. I'm pretty sure there's a bunch of federal and state laws I'd have to comply with.

But that's a good idear (freeper lexicon). I'll do some searching on the internet and library and get back to you. Maybe you'll be my first customer? LOL

[CurlyDave]

If I had the capital I would definetly start up a payday loan service.

Well, I have some capital, but I would not touch that business with a barge pole wrapped in a condom.

[Atlas Sneezed]

Surely, some of these payday loan companies could provide short-term personal loans, like letting people borrow up to $2,000 and giving them 6 months to a year to pay back at a reasonable interest rate than offering these payday loans that do nothing but perpetuate the cycle of debt.

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And when 10% default, what then?