Payday lenders find legal loophole that lets them continue high-intere

YES, I've noticed they have surely not gone anywhere!! Still in business and plenty of customers in the parking lot. Sad thing is many folks now probably really need the short term loans more than ever, just sad it has to cost so much and trap people. I'm sooooooo glad I'm out of the PDL trap, I still have a lot of other bills but everyday on my way to work I pass a PDL I used to frequent, and every morning I say "GOD thank you so much for helping me get those PDL paid off" That's one monkey off my back:) Reny

I figured that would happen, it's insane! :evil:

Without opening a can of worms, can I ask what would be a reasonable finance charge on a $500 loan over 2 weeks? $20, $30, $50 ??

I honestly don't think the fee is the problem, I understand they have to make money to stay in business. I think the fact that to many take these loans out and can't pay them back is the problem, if you borrow 500 this week, and you seriously don't have any idea how your going to pay it back, "on a wing and a prayer" adding another 20-50$ in my opinion doesn't really matter. You don't have the principle let along the loan amount.

If a person can really pay it back after one borrow and be done with it, that is wonderful.

But we know that is not the case in most situations. Most everyone gets trapped into re-borrowing cause they couldn't afford to take the money out in the first place.

Along with the rate change the payback time was suppose to change and the amount of total loans you could take out in a year was to be limited also. Fortunately I've not been in a PD store since last year, so I don't know what really is going on.