What we need is a state wide ban on payday lenders. These pond scum are not designed to help out people in emergencies, they are intent on entrapping people who are in real need. Other states like Georgia, hardly a hot bed of liberalism, have done away with payday lenders completely. I'm sure that the payday loan sharks can find an example of someone who has used pdl's and not got burned, but these examples are the exception, not the rule.

I paid a gas bill (or was it an electric bill?) at one of these places a year ago or so. There was a big sign - 3 feet high, about as wide - that showed what the interest rates are.

Full disclosure.

If people don't like it, they don't need to use the loan shops.

Prior to the mid 70s most states had usury laws outlawing interest above 24%. Then due to the high inflation of the times, usury laws were done away with. This of course ran most of the mob loan sharks out of business, by making loan sharking legal. Even the credit card companies now charge loan shark interest rates to borrowers, but the payday lenders are by far the worst.

By bringing the legal interest rate back to about 24% we could be rid of the payday lenders, and credit card companies that give unsecured loans to poor risk customers. Credit is not an entitlement, nor is a credit card. If you don't like to use checks or cash, a debit card works just fine. If credit were less available, we would all be better off, and folks would be required to live within their means. Being in debt does not need to be a way of life, and having most of the population in deep consumer debt is a recent phenomenon

i used a payday loan to save $75 on my late rent fee. it only cost me $20. that is called a bargain! i'm glad i had the option.

Its unfortunate local banks and financial institutions have become so strick with their lending that one has to turn to these pay-day-loans if family and friends can't help in a pinch. However, I have noted that some of the banks back east fund these companies and work as dba's. States all over the nation are putting lending restricions in place; some pay day lending companies refuse to lend in certain states because of their more reasoanble lending rate criteria.

It is difficult to do something statewide because the legislature doesn't understand the problem. Also, maybe check the type of business some leaders are in, including the current chair of the SL Co Republican Party and former State Senator James Evans - yeah, payday lending. The City Council should put a moratorium in place right away while studying the matter and work toward an ordinance within six months. Just do it! It should have been done during the last Administration.

It looks like Liberal Larry should be recasted as "Professional Self Appointed Consumer Advocate" and pawn of Ralph Nader, Linda Hilton, and Vladamir Lenin.

What he and his Bolshevist Buddies on the left can't produce with these loans are "victims."

Limiting consumer's access to payday loans be it via zoning laws, licensing laws or outright bans is not in anyone's best interests. Restricting access to payday loans as an option does not eliminate the need for short-term credit. Instead it forces consumers to choose between more expensive alternatives such as fees for bounced checks, overdraft protection, or late bill payments or even unregulated off-shore Internet lenders.

I've taken a payday loan out to avoid a bounced check. That $17.65 saved me from paying $30 overdraft charge. If the city council has its way, I will be forced to pay the overdraft rather than have an alternative if I need it.