The uproar that is political the growing payday-loan industry belies a simple financial reality: some individuals are prepared to spend high prices to have little, short-term loans, which numerous banks not any longer offer.
States and towns are fighting the expansion of payday-loan workplaces, that offer loans against workers’ future paychecks.
And Cook County State’s Atty. Richard Devine’s workplace has sued one Chicago-area payday-loan company, saying it illegally harassed clients to have them to pay for right back loans. Meanwhile, state legislators have already been keeping hearings to see whether the industry requires more regulation.