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Payday heyday

Gazette staff August 29th, 2012

When our fair state beats out the other 49 for the top spot on a list, we celebrate. So break out the bubbly: Oklahoma has the most payday-advance borrowers in the U.S.!

According to a Pew Charitable Trusts study, the state has the highest percentage of residents who have used payday loans in the past five years. Kay Richey of the Tulsa-based Oklahoma Policy Institute notes that there are more payday loan storefronts than the number of “Walmarts, McDonalds, and QuikTrips combined.”

CFN stands firmly against usury — for those of you playing along at home, we’re also against rape, murder and rampant use of the phrase, “I know, right?” — and we’re glad Oklahoma has laws to regulate these often-shady lenders.

But we’re willing to cut the borrowers some slack. Sometimes one’s car has a blowout and one’s credit card is maxed out. And one has to get to work: Have you tried using the bus in this town?

I know, right?

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