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Honestly, they're providing a service and there are customers. Walter block who is a noted austrian-school economist did a fun set of books called "Defending the Undefendable" where he runs through thought experiments about Slumlords, Payday Lenders, Pimps, etc. I'm not asking you to agree with him, or start defending pimps but reading through some of those is a fun way to get a different take on things. Book is available in print but also below for free from Mises:

https://mises-media.s3.amazonaws.com/Defending_the_Undefenda...

2 comments

The service is masked in high fees that do not apply to your principle payments. They are borderline fraud. Had try been totally transparent then we wouldn’t need to regulate the industry as much. The fact that anyone can defend a payday lending operation knowing how it works is puzzling. I don’t know what your motivations are or of those who say nice things on behalf these “businesses” but they are certainly not in the interests of the consumer.

I guess you didn't actually read my comment. I'm gonna blow your mind with this: people have differing opinions on things and that you have to immediately question my 'motivations' or assume i'm some sort of 'paid actor' is the kind of ad hominem attacks I'm so used to seeing on HN.

Payday lending offers a very specific type of service. Extreme short term loans. Like all loans, there is risk associated. Unlike other loans traditional payment plans do not really apply. Interest rates will be different. However, with the market operating appropriately, people will move towards the better options. This might include, better service, better interest rates, better contractual agreements, who knows. It's the free market.

I wasn't even defending it. I was pointing to an economist who is a noted hard libertarian type who did defend it, in the hopes that someone might read it and think to themselves - for a fat second - "wow some people do not see the world the way I do", you have utterly failed that test.

Ah, yes, Austrian "economists". Some of the most-noted quacks in world history.

Could you please not post flamebait to HN? It doesn't matter how right you are, it damages the site.

Please feel free to delete my ill-advised comment. I apologize.