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[–] OcculusResurrectio 2 points 4 points (+6|-2) ago 

These assholes charge like 4392% APR. Never, ever ever use one of these scams. They should be illegal.

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[–] daskapitalist 1 point 1 point (+2|-1) ago 

If we banned payday loans, this guy would have starved on the street. Remember that folks turning to payday loans are too risky for other forms of credit (i.e. no lower rate lender would lend to them).

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[–] Mediasacorpwhore 1 point 0 points (+1|-1) ago 

Hey whats worse.....taking the money from goldman sachs to feed the guy? or using taxpayer money to bail out goldman sachs?

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[–] Broc_Lia 0 points 2 points (+2|-0) ago 

Both confiscating people's savings/pensions and creating moral hazards are equally bad.

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[–] jakestuart 3 points -3 points (+0|-3) ago 

I hope the government will do something about these payday loans so people won't experience similar in the future.

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[–] ScreaminMime 0 points 4 points (+4|-0) ago 

The old 'government is the solution' jump.

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[–] OneNutWonder 2 points -2 points (+0|-2) ago 

Wasn't there a John Oliver episode about these? They seem very bad.

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[–] daskapitalist 0 points 1 point (+1|-0) ago 

Bad is subjective. They're bad compared to other credit sources, but if someone has access to other options why would they use them? It's like saying walking five miles to work each day is "bad", but if you don't have transportation it's better to choose the unpleasant option than to have the government ban walking to work.

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[–] Broc_Lia 1 point 0 points (+1|-1) ago  (edited ago)

The article doesn't really give much detail of what exactly he agreed to and how exactly he ended up with such high interest. By the sounds of things, he was in a pretty shaky financial situation to begin with, and probably ended up paying so much because he was only paying off interest on each bill. Which is exactly the same way people end up owing thousands to credit card companies and losing their house that way.

Maybe, instead of wondering why people with no other options are allowed to borrow from crooks, we should address the circumstances that put them in that position in the first place: The cost of medicine in the US is inflated hundreds of times by collusion between regulators and crony pharma companies, as well as overly loose litigation rules, insurance regulation and professional monopolies for practitioners. Take away even one of those things and you'd see prices drop like a stone. Or we could add more government and wonder how everything got so expensive, up to you.

Also, why is the fact that he's a vietnam vet relevant?

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[–] DalesDead-Bug ago 

Did you know that majority of the payday lenders still left in the game are native american owned companies. If I'm not mistaken, the companies are based on tribal land and are technically outside of federal regulation. This is the only way I'm aware of that they can charge interest rates into the multi-hundreds percentage range.

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[–] AmyAcker [M] 0 points 1 point (+1|-0) ago 

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