I read an pretty well written opinion by Rebecca Lightsey titled: High-cost lenders profit from desperate times.
I think it’s pretty well written, although I do not agree that payday lenders are benefiting from the bad economy. First, payday lenders rely on their borrowers having a job. If people don’t have a job, they can not get a loan.
Regardless, this should be a call to action for CSO’s (Credit Services Organizations) to add value to a cash advance transaction. If they don’t, they will be eliminated. This is a good model and if the CSOs do not protect it, by creating some guidelines to follow, it’s only a matter of time.
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