I mean i hate to admit it I had to take out a few payday loans :( it saddly a trap. I mean thinkfully I paid it off. what they need to do is have a better way for people who have poor credit score, on disablity, etc to get credit without paying 400% APR i mean i was taught as a kid 100% was the max in math. then i saw 400% and i thought how is this even possible?

I mean I live in Nebraska the legislature put a cap of 35% of interest instead of the 400% that people know about. anyway, I talked to someone who works in the field and said that the payday loan company will close there doors by the end of this year (2020) and others have already closed. I said why? The person said with only 35% APR the company can’t afford to keep there doors open. So, I am guessing the 400% APR people pay it goes twords the operating cost to keep them open. eg: water,power, etc

Yep unfortunately they are really common in New Zealand too. They often prey on minorities and people that don’t know how bad they actually are. Would love to see this industry better regulated!

Fascinating take, indeed! Still processing it all, but if that “satisfaction” level is accurate then it def. makes me feel less scared for folks. Though I still don’t like the whole idea of it :(

Alright, the post is written…hope you check it out and keep an open mind…thanks!

http://thegreenswan.org/enmity-justified-payday-lending

Woah! I hope he’s quit that since!

Thanks Chris :)

Thanks for posting anyway, because word will reach them and warn them in other ways. True, someone in that situation might not be on a site like yours right now, but I might be able to prevent someone from going that route after reading this post, and someone else might be able to prevent another person from going that route after reading this post…

For sure – business wise it may make total sense, but that still doesn’t mean it’s *good* for people. I could probably make bank slinging crack but it’s still polluting the world :)