Lines at a payday loan store?
November 15, 2008 | alternatives, industry, personal finance | Comments (2)We don’t think so. These “poverty simulation” stories are cropping up everywhere with ridiculous scenarios:
Beck and Truex went to the bank, which refused to cash Truex’s paycheck because she didn’t have an account and wouldn’t open one because she didn’t have an address. They applied for housing assistance, half what they needed. They pawned a ring and camera for a tenth of their worth, tried to pay the back rent at the office that was never open and sold a transportation voucher to raise extra cash. Truex desperately offered someone $5 if they would let her get ahead of them in line at the payday lending office.
Comments»
IF SOMEBODY IS SO HARD UP FOR CASH THAT THEY WOULD GO TO SUCH MEANS, WHY WOULD A PAYDAY LENDER LOAN MONEY TO THEM, IT IS OBVIOUS THE LOAN WOULD NEVER BE PAID BACK….THUS LEAVING THEM IN WORSE SHAPE….THIS IS WHAT IS WRONG WITH THE PAYDAY LOAN INDUSTRY….YOU PREY ON THE POOR…YOU PEOPLE ARE SOMETHING ELSE.
soldtothesouth- This has got to be the most ignorant argument against the payday loan industry. They prey on the poor! Give me a break! Poor people cant pay back loans! Seems odd to loan 300 to someone to make a 45 dollar profit when you end up taking a 300 loss when it doesnt get paid back. Payday lenders typically only advance around 25% of a persons income. Get your facts straight. Secondly, your argument is essentially based on the stories of irresponsible consumers. How about you and the rest of the paternalists join together and shut down fast food restaraunts, because they take advantage of fat people who don’t know any better and can’t afford or don’t have the knowledge to eat healthier. After all obesity is soon the be the number one health epedimic and maybe my health insurance will go down.