More Thomas Sowell
April 19, 2009 | federal legislation, industry, media coverage, positive media coverage | Comments (0)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.
