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Because the folks that use payday loans are most likely [a] not on a salary and [b] have very inconsistent wages due to inconsistent scheduling and [c] likely d
by numbsafari 8y ago
Because the folks that use payday loans are most likely [a] not on a salary and [b] have very inconsistent wages due to inconsistent scheduling and [c] likely don't even have a bank account.
- andrewla 8y agoFor point c this is completely untrue; you in fact can’t get a payday loan without a bank account, and many of the most sleazy practices of payday lenders (and all of the practices banned by the rule) are related to charging fees against bank accounts. A and b are both true but don’t seem especially relevant; payments can still be made on a daily or hourly basis based on the work they are doing rather than bundled up at the end of a pay cycle.
- basementcat 8y agoI think you need a salary (or regular deposit of funds, such as a pension) to qualify for a payday loan.
- numbsafari 8y agoFrom what I have seen, they typically only ask for your most recent pay stub.