It absolutely wasn’t all that way back when that nobody knew just exactly what a quick payday loan had been.

Yes, there were boat finance companies and small lenders around. Nonetheless they made installment loans to be repaid over many months, perhaps a few years. Your re payment included interest and concept. The attention rate was high—as much as 30 or 40 and on occasion even 60 %. But they were there if you needed money.

Then payday loans popped up. You had written a postdated check and got money for 14 days at crazy interest—in the hundreds of points per year. Significantly more than you’ll spend a mobbed-up loanshark.

However these organizations prospered. The necessity was available to you. Read more →