I was listening to an NPR story about payday loan companies outside of Fort Pendleton in California.
There was a big push on to do something about them for various reason, not the least of which is that some of them were charging what was effectively 300% interest per year.
They were interviewing one of the operators of a payday loan operation, and one of his comments was, “Who are they to tell a boy about to go over to Bagdad that he cannot have $1800 wheels on his vehicle?” His comment just blew my mind for some reason.
Having never taken a payday loan, I don’t quite understand the concept. But if I were to do such a thing it would not be for $1800 chrome wheels.
And if I were charging 300% interest I sure as heck would not use a kid wanting $1800 chrome wheels as justification.
All Paydays and their ilk must be made illegal.
They prey on the poor and keep them indepted for ever.