By
Devi on March 02nd, 2007
“Payday” lending has been big in the news lately. Payday lending is where you go to a licensed loan shark to borrow money at interest rates in the hundreds (450% is not unusual), generally give the shark a post dated check, and 2 weeks later, end up having to renew the loan so the shark doesn’t deposit the check and get you hit with bank charges for bounced checks. There are some interesting permutations, but I’ll save that for another time. In the meantime, this parody was just too good to pass up. Check out this opinion piece by the publisher of a small Nevada newspaper.
Related posts:
- Are Victims Evil?
- Payday lending in a nutshell
- How do payday lenders get away with charging such high interest rates?
- Banking laws for sale
- The big problem with legalized usury
About the Author
I live, work and love wherever I hang my hat, which at present is in the U.S. I am a mother, grandmother, sister, aunt, friend, and Choctaw. I have lived on three continents (North America, Europe, and Asia) and love to travel and meet interesting people.
No matter how much success I have achieved, I still feel the need to help those stuck in the mire of poverty and ignorance. I am an advocate for those who cannot speak for themselves, whether from ignorance, from lack of eloquence or simple lack of opportunity.
My ‘logo’ picture is Bear Butte (It is Sioux holy land. Some of my fondest memories are climbing that mountain and seeing all the prayer material tied to the trees).
You can write to me directly at chimeechukmas@hotmail.com
“13 payday loan companies in little ol’ Fallon, population 8,300 . . . ”
Amazing. Depressing.
Imagine how much better America would be if people were investing at 1/10 the rate that they are borrowing.
Congress could quickly elimiate these operations if it wanted to. But you already covered that issue. http://dangerousintersection.org/?p=400
I invest in the stock market, usually losing money.
If I’d have borrowed from a shark, I’d have some nifty consumer crap as well as the hole in my equity.
(Most of my original reply here got expanded into Stock Market and the IRS: Insult to Injury)