Screed of the day
October 8, 2008 | Missouri, customers, industry, media coverage, states | Comments (0)Dr. Roger Ray, a pastor in Missouri gets all fire and brimstone discussing payday lending. Facts be damned, though:
One of the most obscene injustices in Missouri is the existence of the plethora of payday loan and car title loan businesses which now legally prey upon the desperation of the poor of our state. No state but California suffers as much as we do in this reverse Robin Hood business of taking money from the poor and giving it to the rich. The laws which govern this industry in Missouri are laughable. Many poor people who need to borrow a small amount of money to keep their heat on in the winter or to purchase life-saving medications end up paying interest rates close to 1,000 percent, ending up repaying thousands of dollars for a $500 loan.
No, payday loan customers are not poor, they are working class people with bank accounts and jobs. That does’t meet the definition of poor. And, paying back thousands of dollars for a $500 just doesn’t happen unless the borrower misuses the service.
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