Hi laytonian! I started to reply when you first posted about payday lenders, but didn't since I don't know how much they differ from state to state. (and they are illegal in some states as well) Anyway, I worked in 'title loans' for about 8 years until recently. I never worked in 'payday loans', but the company I worked for did that as well. Both are high APR to be sure and should never be used if there is an alternative and unfortunately as much as I hated the collection aspect of the business, they are what I called a "necessary evil" for many people including myself at times.
What I wanted to say though is that in SC anyway, these companies are heavily regulated by the same state agency (Dept. of Consumer Affairs) that regulate all financial institutions. In my experience it's not the same as it once was, even though at times, a poor manager may sound quite threatening at times..that's just what it is..a threat. (which IS against the law btw) In SC for example a payday lender has NO recourse anymore, as it is illegal to accept a post dated check. So if someone stops payment or closes the account..too bad so sad! You are usually looking at an amount borrowed anywhere from $50.00 -$600.00, so not HUGE amounts anyway.
Now loan sharks do still exist, I don't personally know of one..but I have heard stories. Wonder if Steven would have occasion to meet or be introduced to someone like that. THAT would be a whole 'nother ballgame imo.. JMHO and :twocents:...
I am SO impressed by everyones work here and I can sure understand the frustration y'all must feel. If I ever disappear (Heaven forbid!) I can only pray my family would stumble across such dedicated sleuths!