The payday lending industry, hurt by losses in states that either refused to authorize their high-rate, short-term loans or moved to regulate finance charges, isn’t giving up without a fight. Payday lenders are out in full force in Wisconsin, where a legislative battle is underway over efforts to impose a 36 percent rate cap on payday loans, a move the industry claims will put it out of business. In my book 36% is all ready in the loan shark category. Payday lenders should be abolished and banks should be forced to offer loans to low income people.
Payday Lending or Loan Sharks?
Oct. 13, 2009 7:28 am