Another way to look at payday-loan claims
Op-Ed by Harvey Yoder
I want to thank payday-lending institutions for all of their recent newspaper and other ads. They have enlightened me so much about why we should not compare their rate of interest, over 350 percent as computed on an annual basis, with the typical amount of interest charged, which they insist is not exorbitant at all for an emergency two-week loan.
Their logic is so persuasive I’m thinking of using it the next time I’m charged with speeding, as follows:
Judge: Mr. Yoder, you’re being charged with going 350 mph in a 35-mph speed zone. What do you have to say for yourself?
Me: Your Honor, please understand I have never traveled anywhere near 350 miles for an entire hour. That would be inexcusable, of course. I was going at that rate of speed for only a half-mile stretch, and for five seconds at the most, and only then because otherwise I would have been really, really late getting to work.
Judge: Yes, yes, of course, Mr. Yoder. That makes perfect sense. Case dismissed.
Harvey Yoder resides in Harrisonburg.