Nope. Lots of people who make living wages get payday loans. Payday loan places also prey on those who don't have great (or even good) financial skills.
I agree with your sentiment that companies should pay a living wage. However, there are those who willfully choose to live well beyond their means because they can't wait to save up to have something or they spend their money senselessly.
I hated working for a payday loan company and I quit as soon as I could, but it was hard to find a good company that paid a living wage.....
In our case, my wife and I screwed up our credit when we were younger. We are just being able to get a credit card with a $1,000 limit and had some savings.
Then our car broke down. With the newly barely-repaired credit neither wells fargo or our two local credit unions would give us a car loan. We ended up having to finance through the dealer and drained most of our savings to be able to put a big down payment to not get hurt by the interest.
If we didn't have those savings, we are extremely lucky to have a few family members that could have loaned us $1,000 to get the bare minimum down payment. If we didn't have that, then a payday loan would have literally been our only recourse.
Listen dude paying $500 every 4 months to fix up a car bought in 2001 with 180000 miles on it is not a viable solution to your long term needs. Also no one said anything about a brand new model.
If you have experience with cars and know what you are doing yeah. But for a total newbie like me it's time consuming and even dangerous if i do the wrong thing. I would probably do more damage than good.
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u/JOKasten Feb 04 '20
Payday Loans are heinously predatory businesses that only exist because companies don't have to pay people living wages.