Payday Lenders Can't Afford To Lend You Money At Only 36%

The Leftwing Conspiracy blog scanned a cute pamphlet that a payday lender is distributing to try to drum up sympathy now that there’s a rate cap on loans given out to military personnel. Boohoo!

From the brochure:

At 36% APR, the total fee charged on a $100, two-week advance would be $1.38. We cannot cover the cost of originating the a loan, let alone meet employee payroll and benefits and other fixed business expenses, at this rate.

It’s the hard-knock life, eh?

Don’t Cry For The Loan Sharks [Leftwing Conspiracy] (Thanks, Hank!)