Search the Community

Almost every other day I walk by one payday loan company on my way to get my food, there are cars parked there to borrow 300$ or 100$ for 20$, I don't recall exactly now. That is what the poster showed outside. So I decided to search and learn more about this phenomenona. I came up with 3 arguments for PayDay Loans and 3 arguments against them. FOR: Quick access to funds. No credit check required Possible Convenient repayment options AGAINST: High-interest rates. Predatory lending practices Lack of financial education I understand the argument. Payday loans are a product of the market demand for quick and easy access to cash. Sure, part of capitalism. However, can the government do more in terms of policy without being accused of communism? 😄 I hope at least these payday loan companies verify the income. I am really curious about how their process works. Will do more digging in the next few days If I have some free time. Where do you stand?