[lordpumblechook]

For later

[AppyPappy]

Payday loans are the playground of the Idiot Class. Our group helped a guy on the Disability get out of the PayDay bind and he went right back to them like a dog returning to its vomit. He always claimed he had an “emergency” but actually he was just greedy.

[Gaffer]

Consumers thrive when they have more choices, not fewer, and any new regulations must keep this in mind.

Says the man who represents an industry that makes usurious loans for car titles. If he and his association were so concerned about the 24 million "underbanked" [you gotta hand it to them - makes you think of "undocumented"] needy, maybe they could hand out some loans that don't take the car title as hostage. Maybe do something like banks were forced to do - give loans to people who had no business in the world owning a home, much less pay for it. They won't? Hell no they won't. There's a reason why. And everybody know it. Some people are just meant to be and stay poor.

[RedStateRocker]

It used to be called ‘loansharking’.

[Usagi_yo]

What is there to research? They’re Shylocks committing legalized usury.

[kevslisababy]

My daughter worked for one of these places for about 6 months. Some interesting things I learned:

In the state of Michigan, state law says you may have no more than two payday loans at a time.

You must have an “income source” and a checking account. An income source can be a government disability check, not sure about a welfare check.

They won’t loan to active duty military, I suppose in case they get killed? I gather they skip a lot on their loans, or aren’t in the area to pay it back if they get deployed.

The interest rate on a two week loan was 333%.

Most people came in, paid off their current loan and took out a new one immediately.

From what I gathered, a good share of these people were not necessarily in poverty, but had horrible money management skills. Some had emergencies and no money to cover an unplanned expense.

[tacticalogic]

In the haste to propose new regulations for payday loans, critics are calling for regulations that would further reduce choices for Americans who already lack access to the banking system. Consumers thrive when they have more choices, not fewer, and any new regulations must keep this in mind.

Inside the beltway, the objective is less likely to be what's good for the consumer as it is to be what's good for the bureaucracy and the regulators. More regulations translates to more people and bigger budgets.

[BfloGuy]

Just another case of liberals “helping” the poor; this time by cutting off one of the only sources of credit they have. Whose business is it what interest they charge?