Loan sharks may conjure up an image of tough guys in fedoras looking to make a profit off of desperate people in dire financial straits; but in reality, lenders who advance small sums of cash at high interest rates until payday existed long before organized crime entered the trade. Today the businesses that fill this niche in the credit market prefer the name "payday lenders" rather than loan sharks, but most large cities are still a hotbed of usurious lending, and the landscapes are dotted with their inviting and brightly colored storefronts. Despite their more respectable name, these predatory lenders have endured through regulation, prohibition, and the rise and fall of the mob since the late 1800s. In this intriguing and accessible book, Mayer aptly assesses the consequences of high-interest lending—both for the people who borrow at such steep prices and for society as a whole. He argues that although some consumers gain from borrowing at high rates, payday lending in its modern form consistently traps many of the wage earners who pawn their postdated checks, leaving them worse off than they were before. Because payday lending regulations vary widely throughout the country, Mayer chose to focus his story on Chicago, a city that serves as a fine representative of the legacy of loan sharking. Quick Cash will engage policy analysts, economists, and regional historians, as wells as general readers interested in the fascinating story behind these unscrupulous lending operations that feed off America's current tough economic times.
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The subject is important, the research exhaustive, the argument compelling, the writing is brisk and clear.... Quick Cash is a major contribution to public discussions of subprime lending and borrowing. It deserves to be on the reading list of everyone who cares about recent developments in lending and borrowing.... Mayer establishes himself as the expert on the subject of subprime consumer credit, especially payday lending.
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Produktdetaljer
ISBN
9780875804309
Publisert
2010-11-15
Utgiver
Vendor
Northern Illinois University Press
Vekt
907 gr
Høyde
229 mm
Bredde
152 mm
Dybde
27 mm
Aldersnivå
01, UP, 05
Språk
Product language
Engelsk
Format
Product format
Innbundet
Forfatter
Om bidragsyterne
Robert Mayer is a professor of political science at Loyola University. He holds a Ph.D. in political theory from Princeton University.