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We don't have a revenue problem, we have a SPENDING problem

(This post was last modified: 05-14-2015, 01:58 PM by EricC85.)

here is a link to the laws state by state, it's regulated at the state level.

 

http://loans.org/payday/studies/state-laws

 

Most states the limit is $500 and it clearly states the terms are from 10-30 days (covering a pay period) I don't get it, how is this worse then a credit card with 30% interest and $95 annual fee's that's the only option most people taking out payday loans would be allowed. Or a secured card?

 

just to put some numbers down if this same person used a credit card with the 30% interest for the $500 and made the minimum payment they would pay $510 in interest before paying it off

 

http://www.bankrate.com/calculators/mana...lator.aspx


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We don't have a revenue problem, we have a SPENDING problem - by EricC85 - 05-14-2015, 01:54 PM



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