Pay Day loan companies are a good example of the rich getting richer, and the poor getting poorer. I made the mistake of getting a loan, and am being charged %400 interest on a $250 loan. I feel that these companies target the poor. No one with a good job, and good credit would ever have any need for them. There are many other companies and institutions that have similar practices. They offer you a chance to pay it back without an interest charge knowing that most people can't afford to pay in full. I have been paying on a $250 loan @ $90 a month, and owe $246. I was desperate and it was a bad decision, but many others experience the same thing. If you default after a one day grace period, they up it to %600. it's obvious these companies/institutions target the poor.
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