“Payday loan to get you through, or go on welfare.
Gov’t chooses to put payday loans out of business, leaving people with welfare.”
I am sort of ambivalent here. As you point out, the government is trying to put their “competition” out of business, but in the case of payday loans, they are putting loan sharks out of business. Now if they would only go get “Colonial Penn Life Insurance.” They are insurance sharks.
I guess they should pawn shops out of business too?
I fail to see the problem with the “payday loan”. Someone needs some cash and gets a loan and pays it back plus a bit more when they get paid. Simple.
Banks did the same thing.
Unfortunately my brother-in-law can no longer get those Direct Deposit Loans (up to $500 for an extra $35) because of new federal regulations.
Ridiculous.
Funny you reference “loan sharks”, because that’s where the payday loan customers have to go for the same service.
The difference being that the payday lenders send you to collections, and loan sharks send you to the hospital.