I have recently learned that the headquarters of a large payday check loaning company is just up the road from my hometown. Harper’s has a good article on it and the industry at large. Though the writer may have some bad general ideas (noted at the end) he seems to assess the situation well. People like me, Southern homebuilders making a certain amount of money, who don’t save what they can as they can, are digging themselves into a financial ditch by asking to pay $30 now for the cash in their paycheck coming in a few days. It doesn’t make sense for anyone to spend his check before it comes, especially for a service fee, but I can see the need or desire coming, if one doesn’t save anything. That’s poor judgment, but it’s immoral for lenders to offer the service and encourage them to just roll over their loans until the next check, adding another fee which will be due with the next payday check. It snowballs from there. No, it doesn’t have the same feel as typical loan sharking, but it has the same results. (via Chattarati)