We've had loansharks here in NYC for longer than this kid's been alive and there are pawnshops around the country charging over 300% per year. So I don't think anything is going to change, ever, even if payday lending is shut down.
Your logic is flawed, NO company is going to loan a 100.00 for a year which is what is required to make that 36.00 on a 100.00 loan. With the 36% Cap on a 2 WEEK payday loan, which is the STANDARD term the company will make $1.48 for taking a risk of lending someone a 100.00. Makes makes no sense.
We've had loansharks here in NYC for longer than this kid's been alive and there are pawnshops around the country charging over 300% per year. So I don't think anything is going to change, ever, even if payday lending is shut down.
warterra 1 year ago
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sdfgsdgsdfgsdg 1 year ago
Your logic is flawed, NO company is going to loan a 100.00 for a year which is what is required to make that 36.00 on a 100.00 loan. With the 36% Cap on a 2 WEEK payday loan, which is the STANDARD term the company will make $1.48 for taking a risk of lending someone a 100.00. Makes makes no sense.
duesiswild 2 years ago