4 thoughts on “A New Weaving and Payday/Short Term Loans: Predatory or Filling a Need…?

  1. I do think payday loans are absolutely predatory, but there’s no law against taking advantage of people when they’re down (although they did try and fail to make payday loans illegal here in Virginia). If there were laws against payday loans, I think they’d have to change a whole lot of other institutions that take advantage of the poor and the under-educated as well.

    • I agree that this issue, which I argue ultimately stems from systematic inequality, is imbedded in numerous societal institutions, from education to the media. Changing or even removing the demand for businesses like deferred deposit lenders would require a complete change in how society constructs the people within that society as well as their interactions. No easy task at all :(

  2. You might be interested in this new initiative for a People’s Bank:
    http://www.thepeoplesbankuk.com/
    It’s a UK thing, but they do seem to intend to branch out to the US if we get it started here. I am hopeful that if it happens it might be a beginning of real change for the better. What do you think?

    • Huh…that seems interesting. I’ll have to check in on it from time to time to see how this idea of a “people’s bank” is coming along. Thanks for the share! :)

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