Today I saw...

[Joan.of.the.Arch]

Painted on the window of a payday loan business:

WE ACCEPT COMPETITORS' COUPONS.

[bjl584]

I didn't know those places had coupons. It almost makes me want to go out and get a payday loan.

[disneysteve]

Coupons? I can only imagine.

"This week only, pay just 275% interest instead of the usual rate of 300%."

[bjl584]

Coupons? I can only imagine.

"This week only, pay just 275% interest instead of the usual rate of 300%."

Actually, here they are:

pay day loan coupon codes. Find and share coupons, discounts and promotion codes for pay day loan

[disneysteve]

I looked at one of those sites - PayDayMax.com

APR 363.96%

To borrow $500 for 30 days, the fee is $149.57.

I don't even know what to say about these places.

[asapcc]

It's rediculous to use a payday loan... but obviously a lot of people must be using them. Otherwise you wouldn't see so many payday loan businesses, websites, ads, etc...

[disneysteve]

It's rediculous to use a payday loan... but obviously a lot of people must be using them. Otherwise you wouldn't see so many payday loan businesses, websites, ads, etc...

People are using them. That's the sad part. These business prey on the poor and uneducated. The people who can least afford the outrageous fees are the very ones who get sucked into using these services and end up destroying what little money they may have. You'll notice that payday lenders are almost exclusively found in poor neighborhoods. You never see them on the classier side of town.

[JoeP]

You see a lot of these around military bases. It is unfortunate that our men and women who serve get preyed upon by these people.

[woodie96]

Man.....these loan folks are worse than the "E1 and up, we finance" car dealers...

[kork13]

You see a lot of these around military bases. It is unfortunate that our men and women who serve get preyed upon by these people.

Yea, this kills me. It blows my mind how a young service member can get sucked into these traps. At least in every base and unit that I've been in, the senior enlisted members regularly talk about avoiding these places. I thought that at one point there was even a law passed that barred payday loan places from setting up shop within a few miles of military bases.... but I still see them right outside the gate. Those that prey on ignorance disgust me.

[kv968]

Not that it's anything new but here's an article:

Pay Day Loans

A few interesting things some of the studies they present have shown:

Borrowers take out an average of 8 loans per year
and
80% of borrowers said if they weren't available they'd trim their spending.

I don't know whether "spending" means necessities or just "needs".

I just feel sorry for people who really have no other choice and are sucked into this cycle.

Although a spokesperson says that, "consumers need a variety of credit options."

[Mori]

People are using them. That's the sad part. These business prey on the poor and uneducated. The people who can least afford the outrageous fees are the very ones who get sucked into using these services and end up destroying what little money they may have. You'll notice that payday lenders are almost exclusively found in poor neighborhoods. You never see them on the classier side of town.

Steve, not the case anymore. These place are now showing in some of high end shopping center/malls. Some of them are buy gold/silver and payday loan.
As bad as things are for me now, I wouldn't even consider using one.

[97guns]

i just got back from los angeles and all the fast food joints down there have big signs and banners that read EBT's WELCOME