Everyone keeps mentioning the annual rate.. there is no annual rate, these are 2-3 week loans, and you are charged a percentage of what you borrow over that time. If you encounter a problem and it takes you longer to pay the loan back, the amount you pay back is the same. It seems to me that the people opposed to this are people that have no use for the service, which would then make their opinions on the matter pretty useless. Knd of like asking a single person with no children what they think of a teacher within the school district, or asking the parents of a little boy their opinion on the girl scouts..
Payday lending is a plague
Everyone keeps mentioning the annual rate.. there is no annual rate, these are 2-3 week loans, and you are charged a percentage of what you borrow over that time. If you encounter a problem and it takes you longer to pay the loan back, the amount you pay back is the same. It seems to me that the people opposed to this are people that have no use for the service, which would then make their opinions on the matter pretty useless. Knd of like asking a single person with no children what they think of a teacher within the school district, or asking the parents of a little boy their opinion on the girl scouts..
November 1, 2008 at 6:32 p.m. permalink suggest removal