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They exist because the black people in those areas are stupid enough to go to them. If black people showed some self control then there wouldn't be so many liquor stores and pay day advance places. They're there because people patronize those places so stop being morons and stop going to them.
The payday lenders themselves claim there are good reasons people go to payday lenders.
Like if your rent is due and there is a $50 late fee, a payday loan can be cheaper if it saves you from having to pay that fee. (Not to mention the potential adverse impact a late rent payment might have on your future ability to rent.)
While there are certainly poor people who mismanage their money, there are plenty who simply don't make enough money to be able to make ends meet consistently. You try living on a poverty-level income and let us know how that works out.
I don't believe you. If you live in any town with a substantial population, there will be payday lenders and bail bonds. Sorry.
The payday lending industry didn't explode just from our abundance of poor people and poor communities.
Now if you live in a Podunk, that's different.
I'm from the East Valley of Phoenix originally, and payday lenders are all over the place. And the East Valley is very solidly Middle-class to affluent.
I'm now in Cochise County, one of the nicest parts of the state, and S.V. has plenty of payday lenders.
My point was that I don't think that your hometown is as "middle class to affluent" as you delude yourself it to be.
Oregon decided to limit loan interest to 36% (plus a 10% origination fee up to $30 which brings the APR for a payday loan to about 150%) and most payday lenders bailed.
The lenders who stayed no longer make loans larger than $300 because $30 is the maximum origination fee they can charge. That's right, 36% interest is not sufficient for them.
We tax paying, bill paying citizens have been paying higher rates than the actual service that we receive on utilities and such for decades to make up for those bums and dregs who DON'T pay.
We tax paying, bill paying citizens have been paying higher rates than the actual service that we receive on utilities and such for decades to make up for those bums and dregs who DON'T pay.
Turnabout is fair play!
??? The poor pay those higher rates as well, at least the vast majority do. The thing about virtual necessities like utilities is that the inability to get reconnected if you owe money eventually brings a lot of the deadbeats back to the table with the money they owe.
My hometown was named "wealthiest midsize city in the US" 6 years back. There is a Payday Loan place and several Bail Bonds places and a couple sketchy liquor stores. I'm just sayin.
I agree there are way too many "legitimate businesses" exploiting the poor in ways that keep them poor.
Poor people are poor due to poor decisions.
Payday loan businesses are necessary, just as loan sharks were.
??? The poor pay those higher rates as well, at least the vast majority do. The thing about virtual necessities like utilities is that the inability to get reconnected if you owe money eventually brings a lot of the deadbeats back to the table with the money they owe.
Utilities are businesses. You are expected to pay for that service.
In Portland, there were never any significant number of payday lenders in black areas (none come to mind, although it would be unsurprising if there were a few); they operated on busy arterials with plenty of traffic and good transit access.
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