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It’s no secret that some states have deemed payday loans to be illegal. Other states allow them but put a limit on how much you can borrow. California regulations for instance, only allow a person to borrow up to $300 maximum per payday. Other states have much higher limits.
It is my personal opinion that the days of payday loans are numbered. Just this past weekend, a friend of mine went to pay his loan off with the intention of borrowing the money right back. The employee didn’t tell him that they were discontinuing payday loans as of that very day until after he placed his loan payment in the employee’s hands. Ouch!
Needless to say, he was really counting on that money to pay bills and other monthly expenses. The shock on his face when he found out that he wouldn’t be getting his cash back must have been priceless! He was informed by the employee that the company was losing way too much money due to borrowers refusing to pay back loans. Go figure… It’s a miracle they’ve been in business this long.
You might also like: The Payday Loan Honor System
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