Well, you take the check the Sheriff's Office and they handle your collections for you under the threat of criminal prosecution.
Nope. Can't do that.
It's an extension of credit. You don't prosecute bad debts. No debtors' prisons.
They check cashing places TRIED that and some of the compliant sheriffs did the dirty work, but the courts threw it out. It's different than, say, buying merchandise with a check, which is not an extension of credit.
Yes, payday loan places get stuck with a lot of bad debts. But when you earn 300% interest, minimum, you have a lot of room to absorb them.
This post was edited on 7/15 at 11:59 pm