Longbowgun
1370
27
3
"Fees need to be high because these loans are risky."
In reality: Payday lenders have low losses and high profits (34%+ return on investment).
"...bankruptcy and credit card industry statistics confirm, American consumers are awash in more debt than they can handle. For people living paycheck to paycheck, a 400% payday loan is not the answer."
"We charge $15 per $100 advanced." Sounds like 15%, but in reality since it is an 8 day loan, the true annual percentage rate is 805%!"
https://www.responsiblelending.org/research-publication/fact-v-fiction-truth-about-payday-lending-industry-claims
:√
wouldClimbForCash
Seems like there's a market opening to charge $1 per 100 advanced. That's still going to be a really high apt, but it's better.
Clockworkdancerobot
They payday lending industry needs to die. Make cheap small loans part of the post office's work like many wanted.
shakefu
Many except the payday lenders. Same reason drug cartels oppose legalization. Takes the floor out of the market.
Zetor
I will never understand why this is legal in so many countries.
Clockworkdancerobot
$$$$
woodworkerf
Lobbyists!