Why Payday Loans Are Better Than Indentured Servitude

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For a spot-on spoof of an evil trade group website, visit the Predatory Lending Association, whose stated mission is to “help predatory lenders extract maximum profit from the working poor and retired poor with payday loans.” The site includes debt calculators, an interactive “PoorFinder” map, and a helpful explanation of the difference between 450% APR payday loans and old-fashioned debt bondage:

predatory_lending.gif

It’s not clear who’s behind the parody (a good guess would be the Yes Men, but the absurdity-to-reality ratio is too low), but it seems to be inspired by North Carolina’s 2006 decision to outlaw payday loans. That move has proved quite popular, according to a new UNC study [PDF] that found that 90% of respondents, including those who had used check-cashing stores, said payday loans are a “bad thing.”

Update: In comments, pablo points to this interview with the site’s creator, a “Seattle Internet entrepreneur.”

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THE BIG PICTURE

You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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