PLS Financial Services offering payday loans to the unemployed

PLS is 28th on the Crain’s Fast Fifty list of fastest-growing local companies, although revenue is down this year. In 2008, this privately held company did $218M in revenues.

President Bob Wolfberg says:

“If you believe there’s nothing wrong with (this type of) loan, why should (the unemployed) be any different from someone who has any other form of income?”

I would not give a loan to an unemployed person, b/c I don’t think they can pay it back. Bob does make a pretty good point. For the record, these loans to the unemployed account for less than 1% of their portfolio. Almost jokingly, “I don’t think we’ve paid for the cost of the banners” in PLS storefront windows proclaiming that unemployment benefits qualify.

You can read the full article in Chicago Business magazine.

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