Lots of folks still consider payday lenders as just a bunch of small time loan sharks who are making a few loans and holding a few checks for their customers. That is far from true. Last year, the payday loan industry generated over $6 billion in fee revenue and over $40 billion in loan volume in the U.S. There are estimated to be more than 25,000 payday loan stores operating in the U.S. today. There are six publicly traded corporations in business and doing very well. There are a number of large federally chartered banks that have payday loan subsides. In my opinion, this industry is like a cancer for people who have to borrow money from the payday lenders. Once they get a hold on a borrower these lenders never let them go.
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