Payday lending or making payday loans is now a booming industry, and with life getting tougher for many people each and every day, its only ever going to keep expanding.
At the same time, it’s an often unregulated business, with 17 states of the USA in effect banning payday lending altogether due to the apparent lawlessness of the industry.
It’s not that hard to see why there is such a problem. Although such payday loans are intended to be short term arrangements only, basically getting you through to your next pay check, unfortunately, for many people, thats not the way it actually works out. And with industry average interest rates around 470% APR, one has to ask, why is this industry growing so rapidly?
The answer is that it is providing a service that is required, at a price that the consumers can afford; the actual APR is of no great interest to the customer, because their only concern is Can I afford to repay the loan on my next payday?
Why do consumers use payday loans? The answer probably falls into two parts:
First, because it is a fast, convenient way of getting quick cash (and now that it can be done online, its even...
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