In some areas of the country they are trying to ban payday loan stores, citing predatory practices and unfair interest rates. These places have clearly listed their rates, as high as they are, on paper and listed in signed contracts. Opponents of the proposed law banning payday loans say that the extra fees are better than not getting money for a needed car repair, a bill that must be paid (electric, gas) or bouncing a check because the money was not in the account. What’s your take on these places. Explain your position.

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4 Comments so far

1. cataraft_2000 March 29, 2010 5:35 pm

   One small step above organized-crime loan sharks.

   Just another way for a very few people to get richer by preying on the economic woes of poor people.

2. Steveo March 31, 2010 4:47 pm

   Two steps below blood suckers, rapists and child molesters. I would have them castrated.

3. crazyjester9 April 3, 2010 8:25 am

   Satan reincarnated, just like collection agents.

4. John G April 4, 2010 8:05 am

   You should do some research into what has happened in Georgia since they made payday loans illegal. In short, the average person in a position where he/she needs a fast loan is now having to pay even more interest due to overdraft fees, bounced checks, defaulted accounts, etc.

   Payday loans are legal in the far majority of states. You can find a loan center virtually anywhere in the united states by going to PayDayFinder.com and using their free directory.

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