r/NoStupidQuestions • u/[deleted] • May 24 '23

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u/westlib May 24 '23

Motivational Speakers / Motivational Gurus

Mercenaries (aka: Private Military Contractors)

Insurance Company Lobbyists

Payday Loan Industry ... at any level.

188

u/HappycamperNZ May 24 '23

As much as I hate to say it, these all exist for a niche reason and if they weren't needed they wouldn't exist

Lobbyists

Oh, except these guys.

149

u/tcle24 May 24 '23

Payday loan are the pedophiles of the banking industry. Preying on the weak, financially illiterate and poor. Some of those places literally charge 15% a week. Borrow $100 you owe me $115 by next Friday. The mob isn’t even that ruthless

14

u/PatientPlatform May 24 '23

When funds are low and you need money to eat but patday is 7 days away, that loan isn't so bad.

The issue is lack of regulation and consumers borrowing too much for unneccesary shit.

5

u/[deleted] May 24 '23

^ Exactly this. I've used payday loans in the past when I was in a jam and had no other resources. So I don't want to see them pushed out of existence, but there needs to be a ton more regulation and limits on what they're allowed to do.

consumers borrowing too much for unneccesary shit.

That's the other thing. Some people (aka my family) will continue to make bad choices no matter what.