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I just watched a show on Netflix called "Dirty Money". Each episode is about an industry with very bad and amoral practices. The first episode is on PayDay Loans and about a guy leading the industry that just got life in prison for his bad practices.
It's usually stated in the very fine print but if you don't pay it off in two weeks (generally 1 pay period), they renew the loan and charge a large processing fee. So, people think they are paying off their loan when in fact they are only paying service fees to extend the loan. A $500 loan could end up costing $2000.
It was very interesting and confirms my beliefs that these businesses should be illegal.
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