The Soapbox

WahooRQ

Joined: 04/30/2006 Posts: 44690
Likes: 60778


Yes, you have to charge a lot to make up for the fact that half your


Customers can never repay the loans and end up defaulting. It’s a despicable business model — especially given that the industry had to lobby and weasel its way around usury laws just to do the loans in the first place— and the shift to subprime installment loans/cards and safer bank/credit union payday alternatives is more than welcome.

Of course the real tragedy is the fact that so many people need them to begin with. Much of America is a fender bender or slip and fall away from being out of work and in poverty.

(In response to this post by RML Hoos)

Posted: 04/25/2018 at 3:14PM



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Current Thread:
  Great idea, but not new. First established in 1910. -- DanTheFan 04/25/2018 3:58PM
  Good spot for Obama-Phone distribution as well :>) ** -- Tuckahokie 04/25/2018 2:50PM
  That ... doesn't sound like a good idea -- Beerman 04/25/2018 1:55PM
  Bad business model -- Stimp 04/25/2018 1:42PM
  Payday lending is designed for high risk borrowers though. -- hoolstoptheheels 04/25/2018 2:20PM
  Yeah, I'm sure that's true. ** -- hoolstoptheheels 04/25/2018 2:48PM
  No -- Stimp 04/25/2018 2:40PM
  Ahh. And it's up to the borrower to pay? Nevermind. ** -- hoolstoptheheels 04/25/2018 2:47PM
  Something for poor people only? ** -- Charleston Cav 04/25/2018 1:31PM
  Not sure. Possibly anyone needing less than $1k. -- WahooMatt05 04/25/2018 1:45PM

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