Payday Lenders Pay Off the System So They Can Keep Ripping Off Borrowers

‘The industry spent more than $13 million on lobbying and campaign contributions in the 2014 election cycle. In Washington, payday lenders are treated like a mistress you say you’ll leave your wife for – but won’t take out in public.

“Some call us bottom feeders, loan sharks and parasites, but we’re a lawful business!” This was the well-worn message to attendees from various participants. It was less informative than it was an exercise in cognitive dissonance. Group therapy for those cursed with a conscience.

Why are payday lenders hated? Mainly because they’ve managed to squeeze $46 billion annually out of an anemic class of underrepresented and marginalized human beings. All the world’s major religions agree on two things: The Golden Rule is right and usury is wrong. In the modern world we live (and die) on credit, but still are repulsed by predatory lending.’

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