angel10746 angel10746

22-05-2024
Business

Answered

Why was the payday loan industry created?
There is nowhere else to get a loan for a couple hundred dollars
They have better rates than banks
People like them

Answer :

GinnyAnswer GinnyAnswer

22-05-2024

Final answer:

The payday loan industry was created to profit by charging high fees to individuals in need of quick cash, particularly targeting vulnerable populations.

Explanation:

The payday loan industry was created to profit off of individuals waiting for paychecks, often targeting low-income individuals with exorbitant fees.

This industry emerged due to the need for quick cash among certain demographics like military personnel near bases, where payday lenders clustered to exploit these groups.

In contrast to traditional loans, payday lenders may offer seemingly convenient options but at a high cost, making them a controversial choice for borrowers.

Learn more about Payday loan industry here:

https://brainly.com/question/42009538

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