

Let's Talk About It with Jenny White/ Historical Origins of Pay Day Loans

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The concept of short-term lending is far from new- It really is centuries old. Much of its more organized origins can be traced back to the US in the late 1800s,where it was common for workers to take out loans before they received their wages. These were the days when most people found it difficult to get bank accounts and overdrafts were almost unheard of. Alongside pawnbroking and check cashing, short-term loans were vital in helping millions of blue-collar workers stay afloat in harsh times. Where did the industry come from and how did it develop?

Here are five sources for credit that can be worse then payday loans: car title loans; pawn shops; credit card cash advances; late payments and bounced checks; utility bills.