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Payday lending and rent-to-own are two legal, and rather corrupt* ways to scam money from poor people. * In general these businesses do not make their lives be
by BrandonMarc 13y ago
Payday lending and rent-to-own are two legal, and rather corrupt* ways to scam money from poor people.
* In general these businesses do not make their lives better; they're worse off than if they hadn't done business with them in the first place. In general ... ymmv
- refurb 13y agoSo you're saying if someone need $100 right now and has terrible credit, that's it's better that they can't get the $100 at all, rather than pay a high interest rate?
- matthewmacleod 13y agoThat's not really the problem, though. The issue comes when those loans can be rolled over, and when the borrower ends up with multiple stacked payday loans, and can't make any headway into the capital because an increasingly large proportion of their income is taken up by interest payments. It's literally usury, and close to loan-sharking.
- refurb 13y agoNo I understand that, but the point remains, if you got rid of payday loans, you'd leave a lot of people with no options. It's not like they can walk into a bank and get a line of credit.