Comments about ‘Payday lenders tells military 'no'’

is a sign of our culture sell your mom if have to

Hey Cort Walker, you're a great american. While those in the military are fighting to preserve YOUR freedoms you are helping to destroy their chance at the "american dream". The Payday loan business is lousy, and I wish that no one had to use it. But to refuse service to our military personnel is just WRONG. Why don't you jack up the interest rate on everyone else by 5% and then maybe you could "afford" to help out those miltary people who are defending the country that allows you to jack them around. By the way, how much are you really going to lose? It's not like Utah has a huge military presence like they do in some states. Payday lenders should step up and help out our men and women in uniform instead of turning away from them.... oh, but I forgot, we do live in the state that supposedly espouses family values and love for one another. WOW, way to prove that.... All for one and one for only my best interests.

What sad post. So now lending someone money at astronomical rates and flipping a house for 100% are on the same level? Hardly. Those who are lending money are doing it to people who are desperate and have no other alternative. Buying a home and selling it for profit is a good investment. You aren't selling it to someone desperate. They are paying market value for the good. 500% APY is not market value. Don't lump the two together.
And for those claiming that bank fees are on the same level as the loan sharks, you are mistaken. I work at a bank. Did you know that it is technically illegal to write a check when you have no funds to cover it? Or to use your debit card when you don't have money in your account? And I know that the bank I work at is willing to work with people on bank fees in desperate situations. Loan sharks don't care. Plus, banks offer overdraft protection accounts that have APY's around 17%. Most people would agree that is a fair rate.

This subject has so many double-standards to it that it is laughable. Don't give the loans to military to "protect" them? What about protecting everyone else? Lenders refusing to give the military the loans because they "can't make money off of them?" Now that is so sad! Cry me a river. These places should be out of business.

Hey everyone on this board! Why aren't you stepping up and offering loans at 36% APR? You all make wonderful armchair lenders. Each and everyone of you who think these payday lenders should offer loans at 36% should offer these loans yourselves at or less than this rate. Unless you are willing to lend your own money to these soldiers you are nothing but hypocrites.

Wow! Way to support our military men and women! Wonder what they consider as a good rate for THEIR OWN FREEDOM? Must not be worth 36%.

I do not think anything will be done to change this situatioin.

Why? I seem to remember that one high Republican official owns one of the biggest payday loan companies in Salt Lake.

Help me out I do not remember his name or position.

For those defending these payday loans, just talk to a few people who have had to use this "service". The Lender knows that the probability of the borrower paying off the loan within the first 2 weeks is very, very low. They damn well know that these people are in a bind. They lenders know this, but they use the facade to entice these people in to borrowing. They use anactodal and testimonial evidence on their commercials promoting this service. "Oh, how great...I was only charged $4 for this service". How about interviewing the thousands that have been completely screwed over by this. To those that say that these loans are cheaper than overdraft fees and such, that is just if the borrower pays off the loan in full within the 2 weeks.

People ought to be outraged by these loan sharks. It's time for the legislature (State and Federal) to protect all citizens, not just those in the military, and pass meaningful usury laws with a 21% cap on interest rates (still exorbitant and plenty profitable).

Payday lenders are taking advantage ot those who cannot even afford to live paycheck to paycheck!

They should be run out of business. We all need to make our opinions known to our political representatives that this needs to change.

I applied for and got a $200 overdraft protection on my checking account at my credit union. It didn't cost me anything! The APR is about 10% and I never have a bounced check fee and if I'm a little short one month, I have $200 to use without any loan approval or extra fees. On average most payday loans are about $200. Wise up, people -- look for and use better sources that are out there and we won't need to legislate paydays out of existence -- they'll dry up on their own!

wow! there are alot of nieve people out there

Usually even high risk people can get a $200 overdraft protection from their credit union. And they don't have to pay it back in 2 weeks. They can make a small ($25.00 approx.) monthly payment and pay it off over time. So it protects their credit rating by not bouncing checks, paying bills on time, and paying off a loan over time. Payday lenders are run by people looking to make MONEY, big time MONEY, they are not a service organization looking to help a person out!

Walker said Utah payday lenders will now ask potential customers if they are active members of the military. If they are, "we cannot offer them a loan.

Oh really - sounds like "profiling" based on a lifestyle choice, that's illegal - ask any gay!

"you can't force a business to enter into a transaction that causes it to lose money," Walker said.

Oh really - obviously Walker hasn't been to a hospital emergency room recently. Perhaps he can't find one because illegal aliens have forced them out of business!

I was active duty for 6 years. In that time, I received base pay, free housing (or comparable allowance) and free food (or comparable allowance). What do these servicemembers do with their paychecks? I used to party hard, blow cash on music and stereo equipment, and still had money left as an E-3.

Perhaps they have more kids than they can afford (a situation I made sure not to be in.) The military is the only institution I know of that pays members more for having dependents.

At the end of the day, these reckless service members are being victimized by legalized loan sharks. The only solution to this problem as I see it is to teach these service members to live within their means and pretend like payday loans are not an option...perhaps a lesson most Americans need to learn.

At least we are one step closer to limiting these LOAN SHARKS. Back in the early 1900's with the Mafia, their loan sharks would charge 150% and that was sick then. Please don't tell me that there are people out there who think that 500% is ok!! It is wrong people. I have personally worked on behalf of consumers in crisis, and I once worked with one person who had 10 Loans. I tried to help her work out payment arrangements with these places like Check-City, Dollar-Loan Center, Fast Cash, and every single one of them went back on their word, screwed her over and took her to an attorney. They skipped collections all together and took her right to court. These people are absolutely ruthless and have no mercy. Do not side with them, support legislation against them!! Take it from someone who has worked directly with them many times before on the consumer's behalf. They are dragging down our middle-income and lower-income classes and it has already started coming back to bite the US economy. Open your eyes it affects all of us.

Those payday loan business owners aren't worthy of licking the bottoms of the boots of the great soldiers of our country who are defending our country. These so-called honest business owners are taking advantage of everyone with such exorbitant loan fees and interest rates. The least they can do is follow federal law.

I would love for a company to become to the American public who would give 7-9% personal loans to Americans all over the country like in the 70's. What a relief and comfort it would be to the military and the poor and the needy! You are punishing the men and women of our country who provide the very freedom you enjoy while raping and pilaging the very people who need the service the most. What has our political self tell us about us? We are the greediest nation in the world, no wonder other nations hate us, we use our own people to get rich off of. And the politicians, well, it's all a bunch of the same old stuff, democrats promise to help and republicans alike are all the same. I pity this nation, the needy and poor need us, but all the while we are fleecing the poorer of the poor!!! Shame on all of us, we use to be a great nation, one with a helping hand, now the hand can be found only in the pockets of our poor and military who have choosen to protect all the idiots making the rules!!!

I would love for a company to become available to the American public who would give 7-9% personal loans to Americans all over the country like in the 70's. What a relief and comfort it would be to the military and the poor and the needy! You are punishing the very men and women of our country who provide the very freedom you enjoy while raping and pilaging the very people who need the service the most. What has our political self tell us about us? We are the greediest nation in the world, no wonder other nations hate us, we use our own people to get rich off of. And the politicians, well, it's all a bunch of the same old stuff, democrats promise to help and republicans alike are all the same. I pity this nation, the needy and poor need us, but all the while we are fleecing the poorer of the poor!!! Shame on all of us, we use to be a great nation, one with a helping hand, now the hand can be found only in the pockets of our poor and military who have choosen to protect all the idiots making the golden rules!!!

Every member of the US military has access to free housing and meals, and a paycheck substantially above the minimum wage. Any who are living hand to mouth are high risk borrowers, plain and simple - and this is understandable since a great many of them are spending their first months and years outside their parents' household. I'm afraid this law is having the unintended - but foreseeable - consequence of depriving them of a service which they would prefer to be able to use.

Education of every new enlisted person would be a better alternative, more consistent with American ideals of free enterprise and personal responsibility.