Letters to the Editor
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There is Nothing "Predatory" About Payday Loans
Unless of course you're a gibbering idiot who thinks you're getting "free money." It's a comfort knowing that those payday loan agencies are available, as I've availed myself of their services many, many times. In fact, back in '98 and early-mid '99, on more than occassion it was a payday loan that allowed me to pay my rent on time. Back then I was earning $41k before taxes, in Silicon Valley. That was like earning $10k just about anywhere else. If the slightest thing went wrong - hospital visit, car trouble - I was instantly in financial crisis.
But I never had to worry too much, because there were those nifty payday loans! I would never borrow more than exactly what I needed, and never put myself in the position of having my entire next paycheck swallowed up by what I borrowed. A few times I told my dealership or the hospital that I could pay XX amount for now, and the rest later, and they were willing to work with me. I would adjust how much I borrowed accordingly.
The truth is that payday loans are a God-send to anyone who is financially strapped but also responsible, and who knows how to manage not only their money but their debtors. The people who don't, sadly, end up in gigantic holes of their own making.