nancylebov (nancylebov) wrote,
nancylebov
nancylebov

Why aren't there honest payday loan organizations?

Description of loan scams-- not just extremely high interest, but extorting money from people who either repaid loans, or who only applied for loans.

I've been wondering for a while why there aren't decent check-cashing and payday loan companies-- charging higher than average interest, but not outrageously so, and making the terms clear. This should especially be the case for check-cashing companies, because it seems like they're unlikely to lose money on the checks they cash.

This seems like something a non-profit or a not-for-profit could get into even if there are no for-profit corporations who want to do it (and why not?), and be a really valuable service.

What am I missing?

This entry was posted at http://nancylebov.dreamwidth.org/1045937.html. Comments are welcome here or there. comment count unavailable comments so far on that entry.
Subscribe
  • Post a new comment

    Error

    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

  • 7 comments