Meet a payday lender who tried to fight the industry

Payday lenders spent more than $5M on lobbying efforts in 2025

Payday lenders largely oppose rate cap policies, increased borrower risk-assessment requirements, and other regulations that would effectively shutter their industry. In 2025, the payday lending industry lobbied against interest rate limits on payday loan apps.

Modern payday lending came about in the late 1990s

In the early 1900s, unlicensed "salary lenders" used to give consumers one-week loans at annualized percentage rates of more than 100%. But wage garnishment and financially abusive practices led some states to create special licenses for lenders and implement rate caps to protect consumers. In the 1990s, a series of deregulations in various states opened the door for the modern payday lending industry to take off.

People who take out payday loans often know they are a bad deal

Despite common criticism that payday lenders take advantage of uninformed borrowers, some people who take out payday loans know they are usually a bad deal, but often feel like they don't have any other options. Payday loans are often considered a symptom of poverty. (Some users may experience a paywall.)

In 2014, there were more payday loan stores than McDonalds

That year, there were more than 20,000 payday lenders in the US, according to the St. Louis Federal Reserve, and 14,267 McDonald's locations. Politicians and consumer advocates frequently cited this statistic as a selling point for increased regulation.

Research shows that payday lending advertisements target minorities

A University of Houston Law Center study found that despite only making up 23% of payday loan recipients, Black people appear in 35% of advertisements. Similarly, 77% of the physical payday lending and auto title lending storefronts in the study targeted racial minorities.

The first modern payday lending store opened in Tennessee

Check Into Cash Inc. is widely recognized as the first national payday lending company. Originally started by a preacher in Johnson City, it was later popularized by Allan Jones, who founded Check Into Cash in 1993. Jones has since donated a significant amount of money to the city. (Some users may experience a paywall.)

One man lost roughly $100K to a con artist—then turned it into a business

The victim of the con now helps other victims of similar crimes. He's also written a book and hosts a podcast on the subject.

A star investment banker was fired, launching a decade-long court fight

Star bankers are the core of an investment banking firm's business, so when Perella Weinberg let their restructuring guru Mike Kramer go in 2015, he sued, launching a ten-year legal fight.

Hear why one short seller thinks short selling is now more important than ever

Carson Block runs an investment research firm and hedge fund, Muddy Waters Research and Muddy Waters Capital. Block is known for being an activist investor focused on identifying fundamental business problems that might cause a stock to be overvalued. Block says a decrease in investigative financial journalism, deregulation, and less oversight of businesses overall have increased the scope and scale of fraud, making short sellers that suss out overvalued stocks incredibly important.

Elon Musk once tried to make himself CEO of OpenAI

After three years of funding the company since its 2015 launch, Musk believed OpenAI had fallen too far behind Google and proposed taking the helm. Rejected by OpenAI's other founders, Musk walked away and reneged on a $1B donation. (Some users may experience a paywall.)

The story of Apple Pay Later, a short-lived BNPL service

Apple rolled out its own buy now, pay later service in 2023, but Apple shut it down the following year. Instead, Apple made changes to let its Apple Pay users make purchases and access installment loans through BNPL company Affirm.

A reclusive billionaire ran Sears before its bankruptcy

Former Sears CEO and hedge fund manager Eddie Lampert was once kidnapped from his home in Greenwich, Connecticut by criminals looking to get rich. Some argue that the incident colored Sears’ history.

Visa Founder Dee Hock abruptly left the company in 1984.

Hock was arguably an unlikely candidate for the founder of one of the most successful banking organizations of all time. He grew up extremely poor in rural Utah without indoor plumbing, but would go on to create one of the most innovative financial technologies of the 20th century.

In 1862, Friedrich Raiffeisen created cooperative banks to help farmers escape loan sharks

These cooperative banks offered fair loans and community-owned financial services. His vision spread worldwide, leading to credit unions with over 140 million members in the US alone today.

Mr. Money Mustache is a popular FIRE advocate and blogger

The Mr. Money Mustache blog was started in 2011, and was written by a man named Peter Adeney. It gained a significant following documenting real people’s experiences trying out FIRE, and also helped popularize the concept.

Read more about Palantir cofounder Peter Thiel's political beliefs and activity

At Stanford University, Thiel founded "The Stanford Review," a libertarian magazine dedicated to being against "political correctness." Since then, Thiel has railed against American universities as failing institutions, given lectures about the coming of the Antichrist, and donated money to high-profile political campaigns (including those of President Donald Trump and Vice President JD Vance).

Private equity firms often use leveraged buyouts to acquire new companies

In a leveraged buyout or "LBO," private equity funds finance acquisitions with debt secured by the target company's assets and cash flows. The PE firm aims to improve operations and leverage the company's profile to pay down debt, thereby increasing equity value.

Often dubbed the 'king of bank robbers,' George Leonidas Leslie stole an estimated $7M (equivalent to $200M today) and charged other criminals a $20K fee to evaluate their heist plans

Leslie studied architecture and used blueprints of safes and banks to execute meticulously planned bank heists across the Northeast between 1869 and 1878. Although Leslie was an infamous bank robber by night, he posed as a member of high society by day, providing critical intel on the institutions he'd rob and helping conceal his crimes. Months before his largest planned heist, where he planned to turn on his gang, Leslie's body mysteriously washed up along the Hudson River. His killer remains a mystery.

Tom Petty used bankruptcy to change the music industry

In order to resolve a dispute over how a label was treating him as an artist, he self-produced an album and racked up $500K in debt. The resulting bankruptcy filing allowed him to start a new contract with the label on more favorable terms.

The payments tool Zelle was created by big banks to compete with apps like Venmo

Zelle is an alternative to Venmo, where people can pay each other back for expenses like apartment utilities or dinner. But its origin story has more to do with big finance than small transactions.

A 2024 cheating scandal cast doubt on the industry

In 2024, National Fantasy Football Championship, a fantasy league with big payouts, fired one of its employees for manipulating data. The episode cast doubt on the relatively unregulated industry, despite the league coming down hard on the nefarious worker.

Interview with a pay transparency expert

Maybe you’ve seen one of Hannah Williams’ videos on social media. On her viral “Salary Transparent Street” accounts, Williams stands on the street with a microphone and asks passersby to tell her how much money they make per year. This podcast interview with Williams details what she’s learned about pay transparency in the process. Listen to it here.

Reflections from Ben Giles, history's greatest stain remover

Starting out as a freelance window cleaner, the British cleaning legend started taking on jobs cleaning out people's garages and shacks. He soon realized people would pay top-dollar to have their worst messes cleaned up by someone else.

Seven early retirement lessons

After one year of retirement under his belt, financial publication Kiplinger's former editor has learned some lessons. Specifically, in this article, he shares his best early retirement advice, from when it makes sense to convert a traditional IRA to a Roth in early retirement, to how to prepare for retirement from a psychological perspective. Read more here.

Nike cofounder Phil Knight once taught accounting classes at Portland State University

Before Nike took off, Phil Knight taught accounting classes at Portland State. He met two very important people there: his wife Penelope and Carolyn Davidson, who designed Nike’s logo.

A vending machine run with Anthropic's AI went out of business after it was convinced to give away items for free and sell a video game console.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Exploring the Larry Bird punch that almost changed March Madness

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

The story of Dollree Mapp, whose legal challenge over her 1957 conviction for possessing "obscene material" led to a major strengthening of the Fourth Amendment

Telehealth demand for GLP-1s for weight loss is booming as consumers seek easier access.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

20,000 letters to the advice columnist 'Dear Abby' provide insight into prevailing sex, religion, and LGBTQ fears, anxieties, and concerns from the 1950s onward.

Netflix profits when you're not watching, and its movies are designed that way—read a detail-rich critical essay exposing lesser-known Netflix takes

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

In 2018, 26-year-old missionary John Allen Chau was killed by tribesmen after attempting to reach and evangelize on India's isolated North Sentinel Island

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

In its famous catalog, Sears sold $600 DIY house kits from 1908 through the 1940s, resulting in an estimated 100,000 'Sears and Roebuck homes.'

After her fellow cult members tried to kill her with an LSD-infused hamburger, one member of the Manson Family, the murderous cult led by Charles Manson, decided to testify against the group's leader.

In 2009, the nation was gripped by the story of a missing young boy who was believed to be floating over Colorado in a homemade balloon, until it was revealed that he was at home the whole time.

Lesser-known phobias include turophobia, or the fear of cheese, and nomophobia, the fear of being without your cell phone.

SpongeBob exemplifies Aristotle's philosophy for living well because he understands that happiness doesn't come from external factors like money, recognition, or power.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

The Brothers Grimm were lawyers before they were storytellers, and became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.

Louisiana's 'Cancer Alley' is infamous for having some of the highest industrial pollution, toxic air emissions, and cancer risks in the US.

Memecoins are a type of cryptocurrency—a form of digital currency with a wide variety of uses—created around popular 'memes,' or viral internet jokes.