3 ms·
That'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, an
by matthewmacleod 13y ago
That'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.