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The Paradoxical Nature of Payday Loans

Tuesday, November 5, 2013

The Paradoxical Nature of Payday Loans
Try to imagine a mechanism that doesn't look at a consumer's credit history, gender, sex, religion, or income, awards them with money whenever they ask, and potentially serves as an individual's only means of acquiring emergency money. This non-discriminatory monetary mechanism comes with a catch though: it has an exorbitantly high interest rate and is built in such a way that some say they inherently trap their users in a never-ending downward spiral of financial hardship and debt. No, this isn't a hypothetical concept brought about for a philosophy class's ethics discussion. What we're talking about is a payday loan.

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