Michelle Singletary
“And to say that getting a payday loan is better than bouncing a check is like saying it is better to smoke one cigarette a day than two. Both are bad for you.”
Columnist Michelle Singletary, who believes the 36% cap on military loans should be extended to all consumers, does not agree with payday lender claims that taking out a payday loan is better than bouncing a check…
Singletary also disagrees with payday lender assertions that the popularity of payday loans proves they are a needed service:
“It may be that payday loans are in demand, but you can’t base the demand for this type of business on the satisfaction of cash-strapped, desperate individuals.”
Michelle Singletary is a columnist for The Washington Post.
Source: Whether You’re in Uniform or Not, Beware of Costly Payday Loans (The Boston Globe)
There are many alternatives to payday loans and financial resources for military personnel and students.
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