This is great. I agree with Frank! Payday lenders are a great service and I think they should stay the way they are. If I need quick cash, I can get it. In this free country, that is the way it should be. This is a premium product, so it should have a premium price. What I have found is that most of the people who don't want these payday stores to stay in business, don't even use payday advances. That makes no sense at all! Why don't we ask the customers what they think? I am a customer, and I think they should stay the way they are.
I cannot believe some of the things people are saying about these stores. If you do not need to use them, do not comment on them. It's not like the abortion issue, where you are entitled to an opinion about whether it is life or death. If you don't use them, then you do not understand what it is like to need to use them, and you do not understand how much they can help. Yes, some stupid people get stuck into a debt cycle, but that is because they are morons and they can't tell the difference between the phone book and the phone. I used payday loans to get myself out of debt, and now I use them to get through the tough months. They help me. Payday loans are helpful, here is an article showing it:
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".
Posted on February 29 at 6:52 p.m.
This is great. I agree with Frank! Payday lenders are a great service and I think they should stay the way they are. If I need quick cash, I can get it. In this free country, that is the way it should be. This is a premium product, so it should have a premium price. What I have found is that most of the people who don't want these payday stores to stay in business, don't even use payday advances. That makes no sense at all! Why don't we ask the customers what they think? I am a customer, and I think they should stay the way they are.
Posted on February 23 at 5:57 p.m.
I cannot believe some of the things people are saying about these stores. If you do not need to use them, do not comment on them. It's not like the abortion issue, where you are entitled to an opinion about whether it is life or death. If you don't use them, then you do not understand what it is like to need to use them, and you do not understand how much they can help. Yes, some stupid people get stuck into a debt cycle, but that is because they are morons and they can't tell the difference between the phone book and the phone. I used payday loans to get myself out of debt, and now I use them to get through the tough months. They help me.
Payday loans are helpful, here is an article showing it:
Payday lenders are the perfect target for politicians that want to seem compassionate. After all, a $15 fee on a two-week $100 loan amounts to an APR of 390% if the loan is rolled over for a year (accruing $15 every two weeks). What could be more evil than charging poor people 390% interest, right?
A recent study by the Federal Reserve Bank of New York suggests otherwise. As reported in the March issue of Reason Magazine, the study found that the citizens of two states where payday lending is banned "bounced more checks, complained more about lenders and debt collectors, and filed for Chapter 7 bankruptcy more often"1. Comparing payday lending to other options, the Community Financial Services Association of America noted that a $100 bounced check garners a $54 fee (equivalent to 1409% APR) and a $100 credit card balance can garner a $37 late fee (equivalent to 965% APR). As the study's authors write, "Forcing households to replace costly credit with even costlier credit is bound to make them worse off".