[VRWCtaz]

I would be the last person to defend the wisdom of a payday loan. That said, nanny-state efforts to protect us from such loans leaves a bad taste in my mouth. I'm interested to see my fellow FReeper's views on this.

[proudofthesouth]

Translation: I’m not getting my kickback!

[Squawk 8888]

Payday lenders are scum, but the upside is that they take the small-loan business away from the mob.

[Vince Ferrer]

I have never used one, and it seems to me that I would be paying more for a payday loan than I would for any late fee for any bill that I would use the payday money for. I would like to see a large sample of people who use these loans, why they use them, and what alternatives they have.

[Atlas Sneezed]

1. Require clear disclosure adequate to explain the terms to any competent borrower.

2. If they’re not competent to understand this, they’re not competent to vote.

[ApplegateRanch]

I’d let you know my views, but it wouldn’t help, since they’re the same as yours. ;)

On a related note are the check cashing services, that charge rates of 10% or more. If one has reason not to open a bank, credit union, or S&L account, then I guess it is just the price they have to pay...same as for those who want the money NOW, instead of waiting for their tax refunds to arrive.

Fools and money; even Solomon had things to say about them 3,000 years ago. Still true today, the only difference being a greater number of fools in the world.

[ThisLittleLightofMine]

I do not see that payday loans or credit cards are any different than loan sharks minus the physical intimation. Should we regulate them? Are we our brothers keeper? I see them as predatory and I would mind seeing them out of business. The stores are an eye sore to any community.

[denydenydeny]

Hi, I’m stupid. Please, Mr. Government, protect me from myself!

[AlaskaErik]

The best thing the military can do is educate the troops on these dirtbags. I don’t like nanny statism but I also loathe predators like payday lenders.

[antiRepublicrat]

lenders claiming they knowingly make loans to people who lack the ability to repay them

Sounds like some mortgage companies I've heard of. Oh, you can afford it now, don't worry. Please don't notice the increased rates and balloon payment around the corner.

[Bon mots]

The Nanny State marches on.

[azhenfud]

You just can’t legislate stupid out of people.

[CindyDawg]

I had to help someone get out of the cycle so I’m biased but I don’t think the government has any “interest” here which is probably what this is all about.

[ZOOKER]

I'm not usually in favor of increased regulation, but I feel the public should be protected from fiscal irresponsibility - from dim-witted fools who routinely spend more than their income and borrow the difference, dooming their children to eventual servitude.

Hey, I just described the US Congress; maybe we should ban that too.

[dfwgator]

Who puts a gun to people’s heads and forces them to use these payday lenders?

[antinomian]

"They're making far too much money to accept any meaningful regulations,"

What has happened to the Republican party?

[FoxInSocks]

They're making far too much money

Ah, I hate it when people make too much money. Luckily the government is there to help keep that from happening.

[hoosierboy]

Fellows payday loans fill a void that the banks cant do. Who can walk into a bank and get a 100 or 200 dollar loan. The minimum a bank will lend is 5 thousand and it often takes days to receive the money. Payday loans provide short term loans to people who cant get a loan elsewhere. The interests is high, but so is the risk on the lenders side. Nobody forces people to take these loans. I thought people here were for free enterprise and capitalism, since when is that not a conservative concept??

[AmericaUnited]

Payday and car title lenders serve a valuable pupose in separating money from stupid people, money that might otherwise be spent for things like crack...

[Revolting cat!]

It’s kinda too late for these naive libertarian (small ‘l’) sentiments when the rear view mirrors on your car are heavily regulated by the gummint, not to mention hundreds of other parts of the vehicle. Same with banking, and paint manufacturing industries, and everything else, so why not regulate sleazeball loan sharks?!

[kathsua]

Go over your credit limit by a couple of dollars or have an overdraft of the same amount on your checking account and you can get hit with a fee that is several times the amount you are over. The real loan sharks are the banks and credit card companies.