Map of payday lenders (Houston, Post: 2014, apartment complexes, loans)

[Schumacher713]

All these companies do is make money off the poor. Notice how most of the locations are in poor areas. I zoomed in several and they are next to poor apartment complexes.

Your Click-and-Owe Map to the Locations of Houston’s More Than 300 Payday Lender Outlets | Swamplot

[kreeyax]

Originally Posted by Schumacher713

All these companies do is make money off the poor. Notice how most of the locations are in poor areas. I zoomed in several and they are next to poor apartment complexes.

No different from any other company that makes money off their target audience. You set up shop where you can profit the most.

[War Beagle]

It's definitely a predatory industry that preys on stupid people. I understand people find themselves in desperate situations, but the stupidity comes into play when the perceived best option is a loan that could have triple digit interest rates.

[Houston parent]

Looks like there may be an opportunity for more on the east side of town. Southwest and Gulf Freeway corridor appear pretty well saturated.

[ipuck]

The map seems to be off. There is at least one on every other block from 1960 I-45 to maybe champion forest dr on the north side.

[Schumacher713]

It is scary to see how poor Sharpstown and Alief have gotten. The are so many old crappy apartment complexes all along Westheimer. I used to say southwest Houston was nice. It is really bad now. It is more just to the west now

[colcat]

These companies make money off the stupid, not necessarily the poor.

[elnina]

Each year more than 12 million people take out PayDay loans nationwide, and end up paying roughly $520 in interest and fees for every $375 they borrow thanks to limitless interest rates.
Some have loans with an annualized interest rate of more than 1,000% !!!
The trap of payday loans can lead to triple-digit interest rates - The Washington Post

[cheryjohns]

Back in the past, Mafia members would go to prison for this type of usury. How is this legal now?

[Oildog]

Originally Posted by War Beagle

It's definitely a predatory industry that preys on stupid people. I understand people find themselves in desperate situations, but the stupidity comes into play when the perceived best option is a loan that could have triple digit interest rates.

Agree. I was once in a position where I needed some cash and there was a loan place on the corner. I went in and it seemed easy enough. Then I asked about the fees or interest....that's where I saw what a rip off it was (like $75 fee for a $300 loan), and wondered how this could be legal. I was in Chicago and figured 'it was an understood thing'.