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The two week loan typically gets rolled multiple times, and on average end up as as in the 60 to 90 day range. Payday lenders -- because of their nearly limitl
by JackFr 8y ago
The two week loan typically gets rolled multiple times, and on average end up as as in the 60 to 90 day range. Payday lenders -- because of their nearly limitless willingness to roll loans -- face default rates of around 6 percent, similar to those of credit cards.
You have no idea what hardships I've faced, what my personal experience with the payday loans is or what my professional level of understanding about the industry is, so I'd prefer you not lecture me about what I will and won't understand.
You can make usurious loans if you like, but don't use our courts to collect. We don't want to be part of it.