Payday Loans:Fair & Balanced Media Coverage

By | Jan 13, 2009

Sometimes you might need $100 or so for two weeks just to get over a rough patch, a miscalculation in the family finances, so to speak. You can hardly go to the bank for that, and anyway banks don’t make two-week loans. And maybe your sister-in-law is tapped out. So you borrow the money from a payday lender. You pick it up on a Monday, and you pay it back a week from Friday, plus a $20 fee. Sure, that interest would add up to 500 percent on an annual basis, but you’re not borrowing the money for a year. And nobody’s going to loan you $100 for two weeks and charge a nickel. There’s no business model in that. So you willingly pay the $20. No harm done.”

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