YOu know it and I know it, so why don't legislators know it? New laws designed to put payday lenders out of business are a bad idea, especially in these tough times.
Payday loans offer credit in the short term that is otherwise unavailable. They are not a ripoff. The term is short and that is why the interest is high. If I told you I would give you $100 right now if you paid me 100,000% APR, what would be your first question? Well, how long is the loan out is the obvious one. Because if it's 10 seconds, then no harm done.
Interest rates mean nothing, only the time the loan is out. Payday loans offer quick cash that is easy to get. Don't put them out of business.
Tuesday, January 13, 2009
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