Payday Pundit » detroit news payday loans http://paydaypundit.org News and Information About The Payday Lending Industry Mon, 21 Jun 2010 21:00:48 +0000 http://wordpress.org/?v=2.9 en hourly 1 More Thomas Sowell http://paydaypundit.org/2009/04/19/more-thomas-sowell/ http://paydaypundit.org/2009/04/19/more-thomas-sowell/#comments Sun, 19 Apr 2009 11:43:33 +0000 Payday Pundit http://paydaypundit.org/?p=2950 His great piece about the manipulation of numbers has been picked up by the Detroit News:

The alternative to getting a payday loan may be having the electricity cut off or not having money to buy some medication. It is worse to borrow from illegal loan sharks, who have their own methods of collecting.

While $15 per hundred dollars may sound like a high rate of interest, it is not all interest. The finance company incurs costs just to process a loan, and these costs are a higher proportion of the total cost for a small loan than for a large loan.

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