In poor communities there is a profitable business of making very high interest rate loans to employed but "unbanked" workers. High interest rates (between lenders and apparently willing borrowers) have been repugnant transactions for a long time, and payday loans are no exception: here's a story from Pro Publica on the controversy in Missouri. The Payday Playbook: How High Cost Lenders Fight to Stay Legal
Sunday, September 15, 2013
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I lived for seven years above a currency exchange in Humbolt Park in Chicago -- a business which gets criticized similarly as payday loan shops (no worries: there was a payday loan shop a block away). But in between the payday loan shop and the currency exchange was a full service bank.
If the claim is that currency exchanges and payday loan shops charge usurious rates and fees, why wouldn't rational consumers substitute to the bank once it opened? I thought it would be interesting to just stand outside with a clip board and ask people.
Many people dislike banks. Many people also see taking out a short term loan (or using credit cards) to buy groceries and to pay living expenses such as rent and utilities as repugnant even if the lender is a bank charging a much lower annualized interest rate than a payday lender.
Is a transaction (payday loans) a repugnant transaction when the solution (short term consumer bank loans) is also a repugnant transaction?
I agree with you. With the help of payday loans only it has now become easy to get cash for emergency.
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Yes it's true, But for people like me, I can not waste my valuable time looking around banks for a small credit which pays my rent or my small expenses. More over Short Term Credits is the right option for me to save my valuable time. Yes payday loans interests are little high, But not for all of the portals, There are some portals which are giving payday loans for reasonable interest rates. The problem here is choosing the right portal. shorttermcredits is the one which gives payday loans at a reasonable interest rates.
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