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Ted explained the high price of pay day loans and discussed options to high price loan providers.

Ted explained the high price of pay day loans and discussed options to high price loan providers.

So, you’re driving all of these individuals underground once again.

Ted Michalos: That’s right also it’s a little of a label however you don’t pay Lenny then Lenny breaks your feet. laughter

Doug Hoyes: Yeah, so you’re things that are actually making by maybe doing that.

Ted Michalos: Appropriate.

Doug Hoyes: therefore, think about extremely just making a requirement that the cost of the mortgage needs to be explained in buck values in the place of percentages.

Ted Michalos: Yeah and therefore most likely helps make the many feeling. After all you will find Ministry posters given that have to be placed in these organizations. We have actuallyn’t seen one cause We don’t think I’ve ever been in just one of these stores. And I also think I’m going try out this to see so how bad they are really.

However the idea is the fact that social individuals who require this cash are incredibly hopeless that they’re in panic mode. Also over the head with it, they’re not going to realize that, you know, it’s 550% interest for the course of the year if you hit them.