Like I've mentioned before several times, I lean heavily towards the libertarian side. In a free country (and we are still a relatively free country) you should be allowed to do pretty much anything you want, as long as you accept the consequences. I get how some people have a hard time managing money, and you need to do whatever you can to stretch your paycheck. However getting a payday loan is a terrible idea. In fact in some cases, going to a loan shark might be a better idea.
The APR for these things is extremely high, and yes, you need to be able to understand what you are getting into before you take one out. You'll be paying a huge amount of money to be able to loan the money, and eventually you'll just be digging your debt hole deeper. Often times I imagine you'll be paying double what you borrowed, and since most of them take the money right out of your bank account, you have no choice in the matter.
Should these places be legal? Probably. But I wish people knew what they were getting into before they took them out.
No comments:
Post a Comment