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Paying Through The . . .

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Huan Yi
Member Ascendant
since 10-12-2004
Posts 6334
Waukegan


0 posted 02-20-2005 02:43 AM       View Profile for Huan Yi   Email Huan Yi   Edit/Delete Message      Find Poems  View IP for Huan Yi

“Groups Warn of Payday Loan Risks


DALLAS — Consumer groups are warning about the proliferation of payday loan stores  and are urging customers to be aware of the risks involved in short-term, high-interest borrowing.”

http://www.foxnews.com/story/0,2933,148087,00.html


There are three of these stores within two blocks of where I live,
which is in a largely Hispanic community.  All appear to be prospering.
What is not apparent is what would cause anyone to go into them
what with a bank in their midst, (on television there was an advertisement for one in which the customer is a man looking to fund a night on the town).   I understand the interest rates are brutal.  Seems like predatory legal usury.  

Ron
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Member Rara Avis
since 05-19-99
Posts 9708
Michigan, US


1 posted 02-20-2005 09:00 AM       View Profile for Ron   Email Ron   Edit/Delete Message      Find Poems   Click to visit Ron's Home Page   View IP for Ron

quote:
Seems like predatory legal usury.

It is. In spades.

The alternative, however, would be yet another attempt to protect people from themselves. Often, I think, the only way to teach some people is to give them what they want, with at least enough social controls in place to insure it doesn't kill them.
Alicat
Member Elite
since 05-23-99
Posts 4277
Coastal Texas


2 posted 02-20-2005 09:30 AM       View Profile for Alicat   Email Alicat   Edit/Delete Message      Find Poems  View IP for Alicat

Or let it and allow the person to serve as a tacit example to others.

Paycheck loans, instant cash, instant refund, need money now loans....all have hooks.  You see the ads for Geiko, but the very small print blurb they show is really too small to make out on most televisions saying it's a mortgage, and tax preparers who do 'instant refunds' rarely discuss the fees and surcharges before you file with them.  'In between paychecks?' ads never tell you the interest rates, or have them, yet again, in print so small and blurred that it's impossible to read.

As always, caveat emptor.
 
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