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There aren't many ideologies that accept pay-day loans as anything other than evil frankly, so it's not one particular ideology that disapproves of pay-day loan
by Robin_Message 16y ago
There aren't many ideologies that accept pay-day loans as anything other than evil frankly, so it's not one particular ideology that disapproves of pay-day loans, it's all of them. See http://en.wikipedia.org/wiki/Usury http://en.wikipedia.org/wiki/Usury and note that a pay-day loan is exactly the kind of loan that is usurious — anyone who takes one hasn't got the money they need to make it to the end of the month, i.e. their outgoings are more than their incomings. They will never be able to pay such a debt off.
This is not a business I would have thought Google wants to get into, not because of the evil nature of it, but simply because making money from it legally is logically impossible.
- jessriedel 16y agoI don't think we'll settle an argument here, but I'll say this: The large majority of payday loans are repaid. So long as (1) the borrowers are well informed and (2) there is healthy competition between the loaners, payday loans are good for society. They allow people who otherwise wouldn't get credit to float over rough patches. Let me ask you this. If you are poor and living month-to-month, and your uninsured car--which you need to get to work to continue earning money--is wrecked, what do you do? Not everyone has families to help them in this situation.