DeYoung argues that if you focus on the seemingly inflated yearly rates of payday advances, you’re missing out on the point
DeYOUNG: Borrowing money is like renting funds. You get to put it to use fourteen days and after that you repay it. You might hire a car for 14 days, right? You get to make use of that car. Really, in the event that you calculate the apr on that vehicles leasing – for example any time you break down the quantity you have to pay thereon vehicle of the worth of that car – you receive similarly highest prices. (more…)