According to Beau over at The Daily Brain Stew, pay-day loan outlets made $1.2 billion in revenue in 2004, likely because the average APR on a pay-day loan is 390%.
Why do we let the short term loan assholes fleece our poor? How can this possibly be legal? I would be willing to bet that you can get better interest at a pawn shop.
I want to see some legislation. Come on Democrats, we're still the party of the proletariat, right? How about instead of finding new ways to steal from the poor, we start protecting them. Maybe we wouldn't need so much Welfare if we protected our poor from predatory lenders.
Just a thought.
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