Behind the Bastards The Payday Loan Industry Is Bastards All The Way Down
May 14, 2019
Shereen Lani Younes, co-host of Ethnically Ambiguous, dives into the predatory world of payday loans. They discuss the industry's dark history, marked by unethical practices and the impact on vulnerable communities. Shereen humorously critiques the absurdities of podcast sponsorships while exposing exploitative tactics, like those used by notorious figure Scott Tucker. Their conversation highlights the need for reformed regulations and offers practical insights on navigating financial chaos, all wrapped in a blend of humor and serious commentary.
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Delayed Pay Creates Payday Loans
- People wait weeks to get paid while employers benefit immediately from their labor.
- This payment delay's absurdity birthed the predatory payday loan industry charging crippling interest.
Legality Shift Changed Loan Sharks
- Usury caps aimed to protect borrowers wiped out short-term loans.
- Illegal mob enforcement replaced harassment, lowering interest but increasing violence.
Loan Sharks Prefer Strategy Over Violence
- Mob lenders rarely used violence; they preferred psychological tactics and careful customer selection.
- Physical punishment was avoidable and often counterproductive to loan repayment.
