Payday Lending or Loan Sharks?
By Louise
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.
Comments
#2
Thom, no one forces those people to seek loans at these rates. If these people are charging rates that these people don't know about (they're hiding or not disclosing them), there are already laws on the books to allow prosecution. Whether we're conscious of it or not, unless we're coerced, every decision we make, we've already come to the conclusion that we're better off with the decison that we would be had we not made it.
Why "force" banks to make loans to low income people. If these people are credit worthy I assume that their loan needs are already being addressed. If they're not, then it's likely they're not credit worthy. Have we learned nothing from "encouraging" lending institutions to loan to people who prior to the "encouragement" were not credit worthy? The "encouragement" doesn't make them a good risk. If they truly are a good risk, then an untapped market exists and why don't you, as any good entrepeneur would do, step in and serve the market!?
#3
Mr. Gainor made comments about the people who use payday loans not being able to manage their finances and not having bank accounts. First of all, I thank Thom for, as always, standing up for the common, working individual. Secondly, Mr. Gainor and his mentality are a large part of the problems we face in this country. To address specifically the 2 comments referred to above, I submit the following:
1. It is ludicrous to suggest that the people who find the need to utilize pay day loans just aren't managing their money appropiately. What money? The majority of people who find themselves in the position of having to avail themselves of the services of this industry are generally hard working individuals that are making minimum wage or close to it. Let's take for instance a single mom with 2 kids. There is the rent/mortgage, fuel for the auto or transportation expenses to get back and forth to this job, food, utilities, clothes and school supplies for the kids, day care or child care of some form, and God forbid should there be any medical expenses. Now she's working and trying to take care of all of this but hey, no matter how hard she works, there's only so much money. So, let's assume that the car needs fixed or some other event happens beyond her control. Where does the money come from for that? Do you really think that if she had her choice that she would choose the option of a loan shark. Hell no! She's desperate so she does what she has to within the few options available to her. Now let's see, how could she have managed her money better so that she wouldn't need that loan. Thinking......thinking.....thinking..... Bottom line: you've got to have excess money in order to be able to manage it. Otherwise, you work for it, receive it, and turn right around and pay it out so that you can keep a roof over your head and food on the table. Live within your means certainly but, when what you earn isn't enough to cover the basic necessities of life, living within your means isn't even applicable.
2. To say that many of the people utilizing these services don't even have bank accounts and that they are at fault for that is also a stupid and uninformed comment. Nearly all of these pay day lenders require you to have a bank account. You must bring in your bank statement and write them a post dated check to receive your loan. Lastly, the banking standards of today keep many people who would like to have a bank account from getting one. Once again, the almighty credit report and score come into play. If you have bad credit, most banks won't allow you to open an account.
In conclusion, Mr. Gainor should walk a mile in our shoes before he subjects the world to his brand of ignorance and stigmatism. Being poor shouldn't be a crime, taking advantage of them should.the progressive trucker
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