re: Payday Lending

I'm fine with it. If the profit margins are really that obscene after factoring in the default rate, then why haven't competitors come in and driven the loan rates down?

And if this is the profitable interest rate that the market has found for this target group, they why should we deny these people the chance to borrow money even at a high cost? The alternative is that a black market would fill the void, and they would be in debt to gangs and loan sharks instead.