DISQUS

I just figured they were too lazy to research articles, so they print whatever press releases that meet their personal bias as if it was fact. Who would have guessed they don't even understand what they are printing.

Two things:
1. Ian - I think your crime concern is valid. When denied credit pawn shops are an option of last resort. When you run out of items to pawn what do you do? Steal items to pawn is an obvious "solution". Most payday loan customers are honest people who would never commit a crime - but when they find their backs against the wall committing an act they would never normally do may be a irresistible temptation.

2. I would like to see the methodology behind the Iowa Division of Bank’s study. In my store we have a very high number of customers who take out one loan and never reborrow – or only borrow a few times per year. Were these “inactive” customers counted In the stats? I suspect doing so would greatly change the result. My second question is if so many people are taking out a large number of loans per year why don’t they simply ask for an extended repayment plan? Based on my intuitive sense of the market these numbers do not sound reasonable.