Payday Loans – A Growth Industry
Amazing, and sad, how the payday loan industry has grown. Its main clients come from the lower income demographics.
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Considering that Payday Loans are only allowed in 36 of the 50 States, and using a simple ratio, the number of Payday Loan Outlets could be 27,000 if they were allowed in all States.
“Lenders, including major credit companies as well as payday lenders, have taken over the traditional role of the street-corner loan shark, charging the poor insanely high rates of interest.” Barbara Ehrenreich