Pay Day Loans are a scam. The interest rates are wll over 300%, and very hard to pay off. Most pay day lenders prey on the elderly, disabled, and low income. Many states have banned their businesses in their states, and my belief is that they should be banned nationwide. These companies are raking in the money with their high interest rates without any regard to the consumers.
The interest rates are astronomical and many have gotten into a vicious cycle buy getting more pay day loans to pay off another. This is a no win situation. Most of the customers do not have the credit rating to...