Bankruptcy

The KFC of Payday Loans

By Bob Lawless

If Kentucky Fried Chicken can become KFC to disguise the fact it is serving deep-fried food, why can't the same idea work for payday lenders? The Payday Loan Store is now just PLS. Although I hate to give them any more publicity, check out their ad where a short-term, high-interest loan is euphemistically called a "PLS Smart Loan." The expensive debt trap of payday lending has apparently acquired a negative connotation. Who would have thought? Just like KFC, however, a name change should not disguise the fact the product remains just as bad for you.

Hat tip to Frank Venis for drawing this to my attention. And, before anyone e-mails me or posts a comment that Snopes says I have the KFC story wrong, please read this.

Full post as published by Credit Slips on November 30, 2010 (boomark / email).