PEW is out with a study of payday loans, and how people use them.
It finds a kind of love-hate, or at least like-hate relationship with those lenders:
One of the few places open when I go to work in the middle of the night is a payday loan operation, apparently open all night.
There seem to be more of them here in Montgomery than ever before. Many also offer "Title loans" in which you hand over your car title for a loan, risking the loss of your vehicle if you fall behind on paying the loan back.
There have been unsuccessful attempts to regulate them in Alabama.
The industry argues that people who borrow from them can't get loans anywhere else, so if they are over-regulated out of business, it hurts those customers too.
It finds a kind of love-hate, or at least like-hate relationship with those lenders:
(*from the study)*A majority of borrowers say
payday loans take advantage of
them, and a majority also say they
provide relief.
One of the few places open when I go to work in the middle of the night is a payday loan operation, apparently open all night.
There seem to be more of them here in Montgomery than ever before. Many also offer "Title loans" in which you hand over your car title for a loan, risking the loss of your vehicle if you fall behind on paying the loan back.
There have been unsuccessful attempts to regulate them in Alabama.
The industry argues that people who borrow from them can't get loans anywhere else, so if they are over-regulated out of business, it hurts those customers too.
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