While I feel sorry for the individuals that have hardship cases, 800,000 workers, if they never got their pay — which is not the case, they will eventually get it — but if they never got it, you’re talking about a third of a percent of GDP.
Payday loans have their place. Many years ago I had a bit of a short term financial crisis. I had 5 checks that were going to hit my account and take me overdrawn. The bank was going to charge me $35 for eachcheck. Even with the extortionate interest rate they were charging as a fee it was cheaper for me to do that than have the checks hit. Week and half later I got paid and paid off the payday loan.
I agree payday loans are dangerous and most people get caught in a vicious cycle but lets not ignore the fact that banks with their high fees are just as bad if not worse than Payday lenders.
But yes overall I agree check cashing places will be doing a lot of business right now.
When it comes to loans and credit scores there are a lot of people that pay their bills on time but just dont have stellar credit. I dont care for this villification of people that somehow because they dont have a 720 plus score they are somehow worthless scum that waste all their money.