Pay Day Loans, a chain of high-interest store-front “banks” that offer high-interest pay day loans and other financial services, has announced that it no longer plans to open stores in law schools by the end of the year.
“It’s purely financial,” said Pay Day Loans’s CEO Jeffery Fletcher. “Two years ago it looked great, lots of money flowing in and high-interest products ready to be snapped up by law students. But times have changed and now, unfortunately, there are literally no pay days for us to loan money on.”
Pay Day Loans had planned to cash in on the readily available money being loaned to law students, who generally don’t believe student loans are real. “We had a great product called ‘Free Parking,’ named after the free parking space in Monopoly,” Fletcher said. “You land on that and you get whatever is in the pot. In our case, however, you had to pay back what was in the pot, at 43% interest.”