Current Events > how do you feel about pay day lenders?

(+) Yeah! (+)

I guess I'm gonna poison the well and say I think they get a worse rep than they deserve.

It seems to me that, at the very least, people who want to regulate them via usury laws need to provide some other kind of financial institution that can serve poor people that have a hard time getting real credit.

It's not one of those things that an unequivocal good, but I worry that the "cure" might actually make people financially worse-off, by pushing them into even worse alternatives on the margins -- for instance, by increasing late bill payments or bank overdraft fees

anyways one of my very good friends in Oklahoma -- who helped me get my internship in DC and worked as a fellow at the place where I'm now working in Arkansas -- is really doing a lot to stop a new bill that would enable payday lenders to set up shop.

just wondered what ce thought
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Very evil.
I admire them

Scam
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I think this is a decent overview of the issues without really advocating for any particular solution:
https://www.stlouisfed.org/~/media/Files/PDFs/publications/pub_assets/pdf/itv/2014/ITV_Fall2014.pdf
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There's much better alternatives but if your credit is shot you do what you gotta do until it gets mended.
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There is no universal solution to making ends meet then so be what the market comes up with. I think it should have the right to exist but the consumer still needs protection
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CapnMuffin posted...

There's much better alternatives but if your credit is shot you do what you gotta do until it gets mended.

yeah

the issue is a lot of people do get caught up in a debt trap

the issue that is that a lot of people are using these debts to pay for routine bills

so cutting off their credit is essentially telling them to stop living beyond their means -- which is good -- except that being within their means a lot of the time would mean not being able to have a house or running water
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It's a necessary evil

If your credit is terrible.... good luck getting a loan anywhere else

it's good they're around even if the interest rates are high
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