Suppose you find yourself urgently in need of $100 for a week, until your next paycheck.
Now suppose I have an extra $100 and am willing to loan it to you, but need to charge you just $5 to cover the cost of making out the forms, keeping track of the transaction, etc.
Now, to me, $5 seems like a very low charge for a loan like this, but it really amounts to 260% per year.
36% will drive most payday lenders out of business. Maybe good, maybe bad, but I can guarantee you people go to payday lenders because they need the service. Drive them out of business and the poor will be worse off than they are today.
Well, then the way around the 36% rule is to charge 36% on the loan...PLUS a 30 dollar processing fee.
Problem solved. Barak is a dumba$$. Anyone that votes for the dumba$$ because of his 36% platform is a dumba$$.
(I think)