Have you ever taken out a payday loan?
These short term loans have been discussed a lot in the news lately because federal plans to restrict payday lending (basically, a lender would have to prove you can probably pay the loan before giving it out) have been shelved for now.
A lot of people say payday loans are evil because of their fees - some have interest as much as 700%. But others say they're essential for people who are unbanked or underbanked, meaning they manage their money outside of our typical system of traditional banking.
I've written about this topic a bit, and I still think about it a lot. How do you feel about payday loans? Have you had any experiences with payday lending, either positive or negative?