It’s true: A payday loan provider actually sponsored the Financial Blogger Conference that took place in Chicago not too long ago. Not only did the payday loan company sponsor, but a representative actually appeared on a panel.
I’m not going to lie. I still think he was pretty brave to get up there and tell a bunch of financial bloggers who hate payday loans that he was a payday lender. He did try to talk up the fact that the provider also provides prepaid debit cards, but everyone zeroed in on the payday loans.
I felt bad for the guy as he tried to explain that payday lenders provide a needed service to a certain segment of the population.
Obviously, payday loans are in demand, since there are plenty of providers that seem to be doing well enough. While a payday loan might be just the thing to hold you over if you don’t want to be kicked out of your house, or have the power turned off, you run the risk of getting caught in the payday loan trap. [Read more…] about The Payday Loan Trap