Payday Loans

They call them “payday loans” because these are loans intended to be made for a few days to tide a person over from one payday to the next. They are at astonishing high rates of interest – rates which forty years ago (when inflation was higher) would have been considered so high by the courts that they would have been ruled illegal, because the rate made it very hard to repay. This often happens today but the rules have been skewed; instead of favouring equity, they favour the money that makes these unconsciousonable lending. Continue reading