You have got to read this article in the Seattle PI. It looks at Payday loan companies and what kind of interest they charge. How about 391 percent? I just don’t know how people can offer this and sleep at night. It’s interesting (not surprising) that they saturate areas that have lower incomes and prey on the people that can least afford to use their services. (Frankly I don’t know anyone that can realistically afford to use their services). This has got to be one of the biggest ripoffs in the world.
Unfortunately our politicians are all sleeping together with these company’s lobbyists so nothing will happen there. Anyway, I would highly recommend reading this just to make yourself feel better about managing your money in a responsible way:
http://seattlepi.nwsource.com/local/225559_payday24.html