The Huffington Post was talking payday loans today. The article is titled “An Alternative to Payday Lenders“. It was your typical anti-payday loan stuff. Here is the comment I left:
I don’t know why everyone’s getting so emotional about this. If you can get cheaper money, do it. I commend the CU for offering this low cost alternative. We should all advertise the hell out of this. I hope they’re profitable and pop up everywhere. Personally, I think they will go out of business charging 18%, unless they’re subsidized at some point.
Let’s be honest, no one is holding a gun to anyone’s head when they get a loan. Why do people, like Gavin, have to sensationalize it? Do we really need to showcase the poor guy that lost his mother? If payday loans are such a bad idea, then why are they so popular? People, sometimes, need money (like yesterday) and no one, but a payday lender, will give it to them.
Maybe we should rewrite this article about the poor guy who did not go to his mother’s funeral b/c he could not get $250. If you ask me, it was money well spent.
I think the PDL Industry should defend itself, but also also think you need to be realistic. Some people will never want payday loans, under any circumstances. You should tune them out.
