What’s the Genuine Problem with Payday Loans?

Since its inception within the 1990s, the payday lending industry has exploded at an astonishing speed. Presently, there are about 22,000 payday lending locations—more than two for each Starbucks—that originate an approximated $27 billion in annual loan amount.

Christians among others focused on poor people are usually really uncomfortable with this particular industry. While there might be kinds of payday financing which can be ethical, the concern is the fact that many lending that is such predatory, and therefore the industry takes benefit of the indegent among others in economic stress. Continue reading