But that is just maybe maybe maybe not the way it is. In reality, there are many more payday financing storefronts (20,600 in accordance with Community Financial solutions Association of America) when you look at the U.S. Than you can find McDonald’s fast-food restaurants (12,804 based on NationMaster.com). The register the screen might advertise “cash advance loans, ” “post-dated check loans” or “deferred deposit check loans. ” It doesn’t matter — all of them work similar.
Exactly why is the industry still thriving? Two terms: quick money.
“A pay day loan could be authorized within a question of hours and there’s typically no credit check, ” claims Theodore W.Read More