Payday loans

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“They were kicked out of North Carolina, are constitutionally banned in Arkansas and heavily regulated in Minnesota. The Bush-era Department of Defense found that they are a threat to members of the military.”

What would Bob La Follette have thought of Wisconsin struggling to keep up with Arkansas?

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19 Responses to “Payday loans”

  1. Anonymous Says:

    because more regulation is somehow “progress”?

    I’ve never understood those who argue for limiting, regulating or banning short term or pay-day loan services. Since wealthier people or people with better credit would never have the need for these short term loans, the only people who are even affected are the poor. Unless you honestly think that poor people are too stupid to figure out that they are paying ridiculously high interest rates on these loans (in which case what real chance do they have to escape poverty in the first place?), these places only serve to benefit our country’s most impoverished citizens. The people who need to use these short term loans are people who have no where else to go. They know they are getting ripped off and wouldn’t be paying these outrageous rates unless they had no other options. Any legislation that bans certain kinds of pay day lending practices essentially just removes options for poor people. There are certain people that because of their credit history or financial status are simply unsustainable to give short term loans to at low interest rates. All these restrictions do is prevent these people from having any place to go get money they might need a week in advance of their paycheck.

    This doesn’t help poor people, it stabs them in the back because apparently you know the best way for them to spend their own money. Add this to the list of good intentions that pave the pathway to hell.

  2. Irish Frog Says:

    usury
    1. The practice of lending money and charging the borrower interest, especially at an exorbitant or illegally high rate.
    2. An excessive or illegally high rate of interest charged on borrowed money.

    And while I’m not normally one for excessive bible quotes, it is worth noting that the Hebrew bible explicitly outlaws usury in Exodus, Leviticus, Deuteronomy, Psalms, Proverbs, Nehemiah, Isiah, Jeremiah and Ezekiel.

    If you lend money to any of My people who are poor among you, you shall not be like a moneylender to him; you shall not charge him interest. If you ever take your neighbor’s garment as a pledge, you shall return it to him before the sun goes down. For that is his only covering, it is his garment for his skin. What will he sleep in? And it will be that when he cries to Me, I will hear, for I am gracious. (Exodus 22:25-27)

    These places don’t benefit anyone, they are parasites that feed on our poorest and weakest, which is part of why they have been allowed to go unregulated.

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