Comments about ‘Payday lenders tells military 'no'’

I want all of you to do me a favor on this message board, get out your pen & paper or keyboard. Write your thoughts in a letter to our legislature. This is a HUGE problem. Look around, as stated in one example, one person making 70K can't stay a float. This effects everyone, since we are a whole as an economy, local or national. Aren't we lucky to live in a country where free capitalism roams & you can make a buck from those drowning in debt? These people don't care about ethics or what is right. Laws have flaws, so let's make a difference people. Use your time wisely contribute to society and please write to the following:
James V. Hansen (District 1), James Matheson (District 2) or Chris Cannon (District 3)
Utah State House of Representatives
W030 State Capitol Complex
Salt Lake City, Utah 84114

Telephone (801) 538-1029
Fax (801) 538-1908

The Payday Lenders are a reflection of our society. Unfortunately, many people in our society do not understand the basic principles of wealth. For example, many do not understand the difference between income and wealth or the difference between needs and wants. This lack of understanding causes problems for many people.

In order for a society to be wealthy, its citizens must learn how to be wealthy.

How and why are we not calling our government officials to cause an investigation on why it is alright to profile our military men and women. You say these people need an education on fiscal responsibility? For what, being too poor to buy food or pay rent (not living on base). Why does every one profess to care about their neighbors and then talk crap on them when they are in need? Where is Christ in all this? Why haven't the good people of this Nation and the State of Utah rallied around to put these thieves out of business? This is not a good situation where we as Christ like people stand around and do nothing but write on a message board. If you are in disgust, call or write a member of the local legislature or other official to make some change on behalf of these families, all families. Remember the rule, the one with the most gold makes the rules... how sad that our officials turn their backs on the very people who have elected them, you would think they would listen and do politics our way...

It is immoral and embarrasing the way less thoughtful people are jumping the gun here and trying to argue two completely incongrous arguments in an effort to paint the Payday lenders as the bad guys.

Either the Payday lenders are simply a necessary financial tool for the poor since our banks and credit unions are so rapaciously unserving of a family fallen on hard times *or* they are luxury quick loan that should never be used by our armed forces that we admitedly do such a poor job of supporting as a nation and they should be *commended* for protecting our soldier's families from a service they can't afford.

If they *should* offer services to military then you seem to be arguing it's not an overprofitable racket, but if they *shouldn't* then why wouldn't you commend them?

You can't have it both ways, lol.

Concerned for the Military:

It does disgust me that people are borrowing money from payday lenders. The best way to avoid payday loans is with knowledge. People should try to become financially educated. Parents should teach their children how credit works, how to prepare a budget, how to save for a rainy day, and how to invest. High schools should offer a math course that focuses on the basics of personal finance.

We live in a capitalist society - if you want to be a good citizen in this society, then become financially literate.

I'm also concerned about the military. My father is retired army and my brother is preparing to leave for a tour in Iraq. I grew up around the military. Based on my 18 years of observation gained from growing up in military communities, I can say that many members of the military would benefit from financial education.

All consumers need usuary laws. While I appreciate the fact that military personel need protection...So do consumers in general. When credit cards companies can charge around 30% interest...It's radiculous. Caps should be placed on all fees. People don't always bounce checks on purpose, and it doesn't take many insuffient funds fees @ $ 18.00 a whack to put you on a downward spiral that's hard to get out of. While increased risk should require a higher rate, and if you bounce a check, there should be a fee(A limit as to how many they can impose in a given time frame shouldn't be asking too much.)...There's no excuse for charging more than 18% interest.

Your doing them a favor, payday loans are A SCAM!

The solution is simple. Since payday lenders claim they can't survive on 36% interest rate, we should encourage the legislature to make that (or a lower) rate required for all borrowers, not just the military. Then we might be free of this scourge of usurers.

Perhaps the military should hold financial courses for its troops? Obviously, anyone using payday lenders does not know how to manage their money.

What makes you think that James V. Hansen is still in Congress representing the 1st District in Utah? Check your facts (and current list of Congressmen) out before posting. It'll increase your apparent intelligence quotient considerably. Please don't use Wikipedia as a "reliable" source. It's like reading grafitti on bathroom stalls as far as an accurate source of information.

Why blames the business person, at least he is clear on what he charges. Either educate the fools that use these companies or/ oh yes ....I forgot .... it speaks to the kind of people recruited into the military!!!

Hey, here is an idea. All you high minded people that think these payday loan places should be out of business need to get together and open up your own payday loan store. Set your rate at say 25% interest. Your competition will drive the 500% dudes out of business. And think of the moral service you will be doing for your cusotmers.

What, you say it more funto whine about the other guy and demand that the government do something about this "great travesty" than do anything yourself. Oh, you say that when you really do the numbers, you wouldn't make any money considering the cost of initiating loans that last only 1 or 2 weeks, to high-risk applicants?

Here is another solution. Each of you can start offering financial counseling to the military. That is another way of driving them out of business.

What's hilarious is that the same government that condemns the "predatory lending" of payday lenders, out-loansharks the worst of them when it comes to interest and penalties on unpaid taxes.

There should be a Constitutional amendment that requires the government to abide by every single law it imposes on the rest of us.

members of the military who use payday loans need to be told no -- as do anyone else who uses them. Really, the rates they charge are so usurious that the only way anyone needs their service is if they have so badly botched their personal finances that no other option is open, and this is not an option so much as it is a bear trap.

Sadly, they are a reflection of the American mania of the last several generations to always want what we want when we want it -- delayed gratification is a mystery to most people. Anyone can save what these places loan, typically several hundred dollars, that is enough to handle any small emergency without paying these sort of interest rates.

actually, BH, some high minded people who think these placse should be out of business have done exactly that -- it's called Utah Saves, and it shows people how to save an emergency fund to get past the emergencies that send them to payday loan shops. They don't charge any interest, the service is free, and people learn to live independently.

Ogden, Utah:
That's Great! Now that's what I'm talking about!

People of action that feel they can make a difference and do what they can, instead of sitting back and complaining about the injustices in the nation, and expecting the government to further legislate and control our lives, in order to protect us from ourselves.

I think it is time that our legislature says "NO" to pay-day loan business. Rates that high (36% or 536%) are usury pure and simple. They prey on the segment of the population that are the most needy and can least afford it. They are predatory. I say we ban them entirely in our state or limit their rates to something more sane like we do credit card companies.

George--It speaks to the kind of people recruited into the military? Patriotic young kids living away from home for the first time? I hope you see this post. You are not fit shine the boots of our young military members. very few use these services but they are aggressively marketed to them. maybe they should follow Utahn's example and declare bankruptcy? Of course the military will punish them for that. And for bouncing checks. Did you ever think they use these services to avoid the consequences of financial irresponsibilty that their non military peers routinely get themselves into?

i love all these 'educated' people talking about how payday loans make a killing. the real killing is running a bank. you got a society of people who think they are high-class [because they don't have to go to a payday loan place] but all these people are still living paycheck to paycheck more or less. and then if you just process their withdrawals before their deposits, bingo. 39 bucks a pop.

I don't like these guys. But, like bars and tabacco stores, they exist here and are frequented by consumers. We have our free agency. We can budget better - perhaps doing without that trip to McDonalds, or do (gasp!!) without Cable or Satalite TV. Some might even be happy without cell phones. and doing without a credit card could happen. But, because folks have not learned to live within their means they rely on borrowing from Peter to pay Paul. If the military can't borrow , it's because a company has made the business decision not to lend. Maybe instead of getting mad at the pay day loan industry, we get mad at irresponsible people who have not learned how to balance the checkbook and live within their means.