Comments on: Payday Loans, Anybody?

By: ECW

ECW — Wed, 03 Dec 2008 04:14:03 +0000

However, the usefulness of such payday loans highly depends on the applicant needs. For a person in emergency who expect can payback in due date, such loans may help. The condition of loan lender is important too. Very high interests are a drawback, but some companies are more customer oriented and even accept bad credit persons.

By: Arizona

Arizona — Mon, 31 Dec 2007 01:04:00 +0000

The fact of the matter is that banks will not service this segment, and parents, cousins, and friends no longer will loan the cash. Pawn shops have been in business since the dawn of time…

By: Personal Finance

Personal Finance — Thu, 31 May 2007 20:54:00 +0000

I think the reason why people raise issues with payday lenders is that the customers that use their services are not sophisticated as you (or most people who read these blogs) so as to fully understand how much the service is costing them. If someone took time to explain to them the real cost of using the service (similar to how you have explained it in this blog), then they may indeed seek alternative areas for finance.

By: Ted Valentine

Ted Valentine — Fri, 25 May 2007 18:18:00 +0000

Yeah, nicely written straw man. I must have missed the $100 limit sign. These businesses are just legal loan sharks and they have enslaved a lot of people with their rates. Somehow you skipped right over that part. Note that just because something is legal doesn’t mean it is the right thing to do.

By: Lazy Man and Money

Lazy Man and Money — Thu, 24 May 2007 22:07:00 +0000

Nicely written. It seems the majority of people are against the rates that PayDay loans charge, but they aren’t bringing it that much money. With all the defaults they need to charge those rates to run the business and make a little profit. The alternative of course is to say they can’t lend money at all, and I’m not sure that solves the problem.