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Provo eyes restrictions on payday loan stores
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Plus why do they have to make them look so UGLY????
The solution is a state usury law like we had thirty or so years ago. If payday lenders were only allowed to charge 2 or 3 percent per month, most of them would soon go away. These bottom feeders would like us to believe that they are a necessary evil, but they are part of the problem and only help people dig their pit deeper. Pawn shops are able to cover much of the need just as they have always done.
This segment of society is unable to protect its self. Illegal drug dealers feel that they also provide a necessary service to those that need their product, but society tries to protect them. People who use payday lenders need the help of society to protect them as well.
I hope my freedom to access credit that is suitable for me is not further impeded by intrusive government restrictions and regulations.
I have been in the industry for over 6 years and I have had a good experience the entire time. I work with customers experiencing a difficult time and help bridge the gap between paydays. I always get thank you cards and so much gratitude from my customers� it is very rewarding. I am so proud of the company I work for, I really feel like we are making a positive difference in many of my customer�s lives.
Critics of the industry just don�t understand the business and assume that every customer has a bad experience, which is not the case. The few people who have had problems with payday lenders are also people who have problems with credit cards and other forms of credit. Payday lending is a cheaper alternative to bank fees, re-connect fees, damaging credit scores, etc. 99% of my customers use the service appropriately and find it extremely helpful and practical.
The fact is that payday loans are a cheaper alternative to bounced check and overdraft fees from credit unions and banks (I'll gladly pay $10.00 to borrow $100 instead of bouncing a $100 check and getting charged $34.00 from my band).
Mentally challanged consumer advocates resort to tired and meaningless terms such as "loan sharks" and "Bloodsuckers" to make their arguements. These worthless terms do little in the way of facts.
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Are banks and credit unions not making enough money off their bounced check and overdraft protection fees?