If this were my old blog, I'd go off on a rant about the evil vortex that payday loans become for many hard-working Americans. I'd throw out numbers and percentages and links and type for what seems like a year (because the research takes forever), but once posted ends up being a few scrawny paragraphs. And most of those links would be relatively dated since new regulation kicked in a year ago.
As it is, let me just sum it by saying this: Even with new rules in place, payday loans are the work of the devil deregulation and therefore just another way in which corporations screw the little guy for profit. For the love of your long-term financial health, not to mention your sanity, avoid them like the plague.
For the record, 11 states don't have payday lenders. Oklahoma does, obviously. And when I googled "payday loans Oklahoma City" I got four pages of location hits. ->
2 comments:
To make things worse, these things seem to exist in low income neighbourhoods, where there are no regular banking institutions in sight. Kinda like a "food desert" but I guess this is, what, a "financial desert?"
of course they exist in low-income neighborhoods. The middle class (and above), for the most part, are able to make ends meet between one payday and the next. If you have a low-paying job, well...
That's why I consider them predatory. Because they are.
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