You already know that Bourke Accounting professionals hate thieves. Whether it’s identity thieves, scammers preying on the uninformed or flat-out take the money and run types, Bourke Accounting has no stomach for the whole evil lot. However, there’s another group out there that might be more insidious than the rest. This group takes advantage of the vulnerable and desperate, all under the guise of legality.

Ladies and Gentlemen: let me introduce you to Payday Loans.

In case you are unaware, a payday loan, as defined by, is “usually a short-term, high cost loan, generally for $500 or less, that is typically due on your next payday.” I know you’ve driven past places that offer these sorts of loans: little building, lots of glass and, out front, there’s a “wacky waving inflatable arm flailing tube man” ( swaying in the breeze. And we all know that nothing says “legit” like a wacky waving inflatable arm flailing tube man.

Is it possible that I have a problem with these payday loans? Yes, yes, it is. I’ve seen hardworking people practically crushed under the weight of the fees, interest and penalties because they fell on hard times and even harder strip mall loan sharks. These businesses prey on individuals who have just run clean out of options.

Most of these places charge between $15 and $30 in fees for every $100 borrowed. So, if you get a two-week $500 loan at $15, “that works out to an annual percentage rate of almost 400%” ( But the fun doesn’t stop there. On top of the original fee, one can also look forward to nonsufficient funds charges that can occur if you don’t have enough in your bank account when the “lenders” try to cash your check. Then there’s late fees and rollover fees (fees charged “on top of the original loan and initial fee to push back your loan’s due date” – According to, a lot of people avoid defaulting on their loan by renewing it, and in some cases, “the loan gets renewed so many times that borrowers can end up paying almost as much as the loan itself in just fees alone.”

Another sweet part of a payday loan is the fact that, once you’ve signed on the dotted line, “you can’t back out” ( It doesn’t matter if it has only been two seconds since the ink dried, you are on the hook. Even the Devil is willing to give you an opportunity to win your soul back.

So, no. I don’t like payday loans; taking advantage of scared and hopeless people is about as low as kicking puppies. Thankfully, there are now 13 states where “payday lending is illegal or made not feasible by state laws” ( Hopefully, this trend will spread.

Bourke Accounting hopes that you never find yourself a victim to one of these disgraceful establishments. However, if you find that that’s just what happened, see a Bourke Accounting expert for advice on how to free yourself from the leeches. Your Bourke Accounting specialist wants nothing more than to make your financial journey painless and parasite-free.

Come see us any time. Our number is 502-451-8773 and don’t forget to visit our website at See you soon!

Written by Sue H.