Patricia Nelson of Waukesha was borrowed $550 and paid $2,700 over the next 22 months. This is what we call, in the business, a good payer.
The problem is that it does not look good for the payday loan industry when this happens, especially when she introduces President Obama the day he wins the Nobel Peach Prize.
What people do not realize is that Patricia was paying for all the people that did not pay back their loan. That’s how risk pools work. I don’t know the answer.
You can read more in the Milwaukee Journal Sentinel blog.
