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@ 16.53 the same irresponsible capitalist argument perpetuated time and time again. They trap the borrower in a cycle.

They don't earn enough to pay for food or to get to work, so they borrow money. Next pay day, they earn the same, but this time they have even less in their pocket. Again, they run out of money for food or travel. So they borrow more, perhaps from the same lender or another pay-day lender. The debt increases. They get desperate and do something illegal. They may get caught, they may not. Either way, someone else loses, whether it is another individual, a business, the tax payer or they become a burden on a social welfare system.

The lowest credit interest rate for someone with an average credit rating is around 50%. Pay-day lenders charge 1,000% interest.

It isn't about ameliorating risk but greed; making quick, easy money.