Deseret News | Payday loans good option

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Readers' forum: Payday loans good option

Doug G | 12:28 a.m. Nov. 7, 2009

Not a lot of support from people with the tag "average joe happy to get a loan at 26%", now is there? The so called payday loan industry is nothing if not predatory. I can't believe we regulate alcohol in utah so closely and yet let these guys run free. Our priorities are so wrong.

Kelby Lou | 2:22 a.m. Nov. 7, 2009

They saved me a few times when I was in college, really nice option to have. But they could be easily abused. Never an issue with me, always worked perfect, got 100, paid back 117.50. We shouldn't have to punish businesses and exact regulations that simply exist because of irresponsible people. Sure they should have fair practices an laws in place that ensure that, but if you limit the high interest rate they wouldn't make a dime in The 15 day loan and couldn't run. It's high priced but fair!!

Jack | 5:40 a.m. Nov. 7, 2009

Thank you, Doug. You're spot-on.

Comments continue below

no | 5:57 a.m. Nov. 7, 2009

Pay day lenders are nothing but legal loan sharks Time to ban the industry (but too many invested legislators)

Good luck. | 6:15 a.m. Nov. 7, 2009

Good luck, Jamie, on convincing anyone that payday lenders are just trying to serve people when hard times hit. Almost comical to read. But hey, if people are dumb enough to use your lone-shark services, then more power to you.

Gary | 6:40 a.m. Nov. 7, 2009

Of course a guy from the industry is going to say it is ok. DUH. however, there is a reason why the military (one of the US's biggest employer) does not allow its members to go to these places. I have never used them before but I hear all the horror stories. High pressure, predatory lenders is all they are.

Ultra Bob | 7:00 a.m. Nov. 7, 2009

Payday lenders are the loan sharks of our current society. In the old days if a person couldn’t pay, they only broke the debtors arm. Today they destroy a persons life by ruining his credit.

doc | 7:52 a.m. Nov. 7, 2009

They are typical loan-sharks. No knee cap breaking, just plain usury.

Re: Jamie | 7:54 a.m. Nov. 7, 2009

Give me a break. It is like the felon trying to rob a 7-11 with an empty gun saying, "I weren't gonna kill nobody, I Kneeded my meth!"

JR | 8:15 a.m. Nov. 7, 2009

The PayDay loan is no different than the old Mafia days

Anonymous | 8:54 a.m. Nov. 7, 2009

The human ability to rationalize immoral conduct to make a buck is endless.

Anonymous | 9:03 a.m. Nov. 7, 2009

26%? Which lender is that? That is a deal. Most on average charge of 300% APR. That option is only a last resort.

Ratman | 10:44 a.m. Nov. 7, 2009

I usually disagree with posters like Ultra Bob, etc., but I couldn't agree more that the folks Jaime is representing are a bunch of loan sharks. We should tighten our usury laws to the point it puts the worst of them out of business.

Chad S | 8:56 p.m. Nov. 7, 2009

These kind of lenders exist to take advantage of those who have no business borrowing money in the first place. If you can't pay the rent you should either 1) get a cheaper apartment or 2) find a higher paying job.

If you're going someplace to get a payday advance so you can by an X-box or new TV then you deserve all the problems that are coming your way.

Nobody with any sense borrows money this way.

whatever | 10:12 p.m. Nov. 7, 2009

If you are dumb enough to step inside a Pay-Day loan place, you deserve whatever they charge you.

No One of Consequence | 11:39 p.m. Nov. 7, 2009

The correct solution is education; teach kids at a young age how interest compounds and they'll know a bad choice when they see one.

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