Here's a plan to replace payday lending - Concord Monitor- Money Before Payday
For the most part, folks who use payday loans are honest, hard-working folks who occasionally need a little help. Instead of offering payday loans with onerously high interest rates, we need to offer folks an emergency line of credit. A payday loan usually carries a one-month term, while an emergency line of credit may carry a six- or 12-month repayment term. Once the pool has grown to a sufficient size a partner organization, whether a credit union or local bank or other nonprofit offers emergency credit lines at a decent rate of 16 percent or so. Learn more
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