Again... regardless of my presumed level of economic ignorance, the fact that they advertise their rate at that should make ANYONE think twice about a payday loan.
My level of ignorance is due to the fact that I have no debt nor any need for a payday loan. I don’t pay attention to those factors prima facie because they don’t apply to my situation.
The payday loan companies target those who live paycheck to paycheck. So taking out these loans puts them is a spiraling cycle of relying on those loans. These companies know they are high risk loans and work the system through tactics like this story.