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Salt Lake City delays action on payday lenders
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Look at things this way. How much time did your mortgage lender spend to process your loan and they take a between 1/2% and 1% finance fee. Those mortgage brokers are making far more money than the average payday loan employee. You have overhead like the building, employee's time, taxes... You want to borrow $100 and that has reasonable costs associated with it.
I believe that the banking industry is concerned that if they try to restrict payday lenders interest rates, pressure will be applied to reduce obcene interest rates being charged by banks on credit card purchases.
These places are just a legal loan shark. The only difference is, instead someone coming to knock you off. They just attack you legally in collections for the rest of your lives for everything you own.
There is a reason that banks won't give funds to people like this. People who used Payday loans don't handle money well, they likely have bad credit to start with.
These places all need to be closed! All they are doing is worsening our already hurt economy.
If people can't go to these places for a quick fix, then maybe they will quit buying homes, cars & things that they can't afford.
Live within your means! Don't go to Payday Loan Centers. If you can't pay your bills, then take a look at your finances and see what really needs to be done to solve the problem. Even if that means moving into a smaller home, or buying a used car instead of a new car!!
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