Why Payday Loans Are Better Than Indentured Servitude

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For a spot-on spoof of an evil trade group website, visit the Predatory Lending Association, whose stated mission is to “help predatory lenders extract maximum profit from the working poor and retired poor with payday loans.” The site includes debt calculators, an interactive “PoorFinder” map, and a helpful explanation of the difference between 450% APR payday loans and old-fashioned debt bondage:

predatory_lending.gif

It’s not clear who’s behind the parody (a good guess would be the Yes Men, but the absurdity-to-reality ratio is too low), but it seems to be inspired by North Carolina’s 2006 decision to outlaw payday loans. That move has proved quite popular, according to a new UNC study [PDF] that found that 90% of respondents, including those who had used check-cashing stores, said payday loans are a “bad thing.”

Update: In comments, pablo points to this interview with the site’s creator, a “Seattle Internet entrepreneur.”

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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