>>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.

I agree that there is a market and need for such a service - small & short-term loans - but when it's like 700% interest I have issue with that. I think congress was tried to close some of the loopholes in the laws that have allowed this to happen.