Non-profit Payday Loans: Get Nailed, Just Not as Deeply
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If you read the article, it appears that the Goodwill is offering payday loans at either break even or at a loss. If the break even is $9.90 per $100 for two weeks(which would equal 252% on an annual basis), then it doesn’t seem so outrageous that for profit companies would offer the same loans for $15 per $100.
I’d challenge anyone who could offer the loans for a cheaper rate than the Goodwill to do so.
Any bank or credit union could and would offer a lower rate. Any credit card, even the worst ones will have rates of 36% or less (usually around 20%). Even assuming that it actually costs $10 to handle a two week loan, it’s still a really bad deal if you can access alternatives.
The other bad thing about payday lenders is that they’re no so much about helping you out of a tight spot as keeping you in tight spots and developing a relationship of dependancy. They offer deals and terms that take even more money from the unsuspecting while appearing to the untrained eye to be helping.
It’s sad and it’s sick and I’d be happy if payday lending became illegal in every state. However, if the non-profits can be proven not to engage in any type of marketing or manipulation, then maybe they provide SOME service. But if that’s true, then it should be a state-run welfare program that’s designed to help people OUT of the situation that’s led them to payday loans.