How Payday lending works
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@PsychoticusRex Yea, but Payday Loan centers won’t kill you and (hopefully) are on the right side of the law.?
@StarSeeker5000 Can’t they just? check the paystub to see who’s name is on it?
The 33,000% is only if nobody defaults. I’m sure the? default rate on these loans is quite high. Not to say these businesses don’t make a lot of money.
Another issue is that these places loan real CASH, as opposed to bank credit. So they can only lend capital they have on hand, as opposed to 10 times as much.
Rule of thumb: It’s usually a lot easier to just scale back than to rely on payday loans: eat cheaper, move to a cheaper place, work an extra job, sell stuff, basically exhaust EVERYTHING before you even think about the words “payday loan”. Trust me,? I’ve done all 4 of those and they don’t trap you.