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The Alley

Paying Through The . . .

Huan Yi
Member Ascendant

since 2004-10-12

Posts 6688
Waukegan

0 posted 2005-02-20 02:43 AM

“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

Administrator

Member Rara Avis

since 1999-05-19

Posts 8669
Michigan, US

1 posted 2005-02-20 09:00 AM

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 1999-05-23

Posts 4094
Coastal Texas

2 posted 2005-02-20 09:30 AM

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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