Payday Lending Free Essay, Term Paper and Book Report
In the last fifteen years, cities around America have seen a dramatic rise in the number of payday lending stores open for business. Today there are over 22,000 payday lenders operating in the 39 states where payday lending is legal. To put that number in perspective, there are 13,700 McDonald's and 7,300 Burger Kings in the U.S.--simply put, there are more payday lenders than McDonald's and Burger Kings combined (Weston).
But, why? As traditional financial institutions tighten up loan requirements and drop smaller, less profitable loans from their books, payday lenders feel they are filling a substantial need in the communities they serve. They make the process of getting a short-term loan without a lot of paperwork and credit requirements easy for those who use their services. It works like this:
A customer brings in their most recent pay stub which ought to show an after tax income of at least $200 a week, a check book, and a driver's license or state I.D. The lender provides a short-term loan of around $500. The customer leaves behind a personal check dated for their ......
Word Count: 2232
Page Count: 8.9 (250 words a page / double spaced)
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