This post was inspired by an article in Cheklist magazine by Richard Kelsky titled “Sea Change on the Lending Horizon.” Richard makes the following points:
- Payday Lending Exists Everywhere
- Credit Can be Abused by the Rich and the Poor
- The Need Exists
He also talks about the need for new alternative products for cash advance lenders. I wrote about this back in 2008 in an article titled “Payday lenders are filling a huge credit gap.” This is relevant more than ever. Today, credit card companies are slamming the door in customers’ faces.
I don’t think payday loans will go away, but there is a need for a $500 and up product that spans 6-24 months.
