Motley Moose – Archive

Since 2008 – Progress Through Politics

payday loans

Like debtor's prisons? You'll love this!

I think now is as good a time as any to remind ourselves that taking advantage of poor people is definitely a bi-partisan past time here in the United States.

Payday loans, for those of you unfamiliar with the practice, are small, very short-term loans with extremely high interest rates (sometimes in the range of 400-800%) that are effectively advances on a borrower’s next paycheck. They’re typically obtained when a borrower goes to a check-cashing outlet or an online equivalent, pays a fee, and then writes a postdated check, or signs over the title to a vehicle, that the company agrees not to cash or take a lien against until the customer’s payday.

Thank God we’ve got Congressmen willing to stand up for working Americans against these sorts of shenanigans, right?

… right?