Regulate - Yes
Regulate - No
If my post offends you, I deeply Apple-O-Jize.
Yep Janfu .....one lady they were talking about this morning on the radio worked two part time jobs. Had bad credit got a loan with 35% interest. Ended up in a crash totaling out the car and had to go and get another loan. Which she ended up having the car repo'ed. Had kids and doctors to deal with too.
Ended up going back to one of these Payday Loans to get another loan. No way out as she had to have the car to work.
Pew Research in 2012 reported that the majority of payday loan borrowers are 25- to 44-year-old white women, though “there are five groups that have higher odds of having used a payday loan: those without a four-year college degree; home renters; African Americans; those earning below $40,000 annually; and those who are separated or divorced.” (Who Borrows, Where They Borrow, and Why - Pew Center on the States)
So in many cases you already have people who are facing hard times economically and then have no where else to turn to to get money.
"And in the end, we were all just humans, drunk on the idea that love, only love, could heal our brokenness."