In an earlier post, I noted that one possible avenue of competition to payday lenders was the rise of peer-to-peer lending (or micro-credit).
Seems I am not the only one thinking this way...
Here is a link to a quick post on Freakonomics -- http://freakonomics.blogs.nytimes.com/2009/07/06/who-needs-banks/
Here is the link to the original article on Slate.com -- http://www.slate.com/id/2221372/.
According to research, peer-to-peer lending does have a lot going for it...
Why are Americans so loud?
44 minutes ago