>>Never thought I'd see the day. Glad to see this happen - these types of businesses are nothing other than loan sharks.
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>>http://www.businessweek.com/news/2014-12-16/ferrari-racing-loan-mogul-said-to-face-racketeering-case
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>For really financially distressed people payday loans are sometimes their only access to credit as banks have clamped down on lending. Its easy to say then they should just not borrow the money but i suspect a lot of payday loans are spent on basics like food and heat.

Which is why we should a much better mechanism to help them than payday loans, which bleed them dry. At this year's conference of the International Association of Jewish Free Loans, one of the attendees was pushing hard for the group as a whole to take on payday lenders and try to make them obsolete. I hadn't really thought about our work in that context, but we certainly offer an appealing alternative (interest-free loans, albeit with guarantors required).

Tamar