Fascinating brief history of usury and lending. It’s offered up by the Americans For Fairness In Lending. It’s an advocacy organization with some well known names like Consumer Reports.
Like any transaction, “Let the buyer beware!”
Payday Loan Math from JLP at All Financial Matters.
Divorce2FinancialFreedom has a great companion story about Payday Loans and what you really ought to do to before you get one.
I wholeheartedly agree with D aka LaundryQueen that if you’re desperate enough for a payday loan, then you’re better off swallowing your pride and asking someone else for a loan. A) It’s not for some exorbitant sum. It’s one paycheck. B) The loan rate you pay your friend could be nothing. Or surely a LOT less than you’d pay at a payday loan place. C) It might be hard to find a way to pay it back, but if like the person in LaundryQueen’s story, you may be able to get an advance from work and have an amount taken out every check to pay it back.
Like I commented at Get Rich Slowly, I recently noticed that these places are in the suburbs and they are no longer the ghetto phenomenon I used to think they were. Urban poverty is turning into suburban poverty. That’s pretty scary. They say that most of the people going to food banks are middle class people who are too busy keeping up appearances when their financial lives are going to hell in a handbasket.
As Boston Gal says, “Today is a great day to start saving!”
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