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Are Payday Lenders Saviors or Predators?

Yes, you will "pay" for writing a bad check in more than one way. Primarily, writing a check on a closed account is fraud...fraud is illegal...and depending on the amount of the check it may be a felony. That mentality is exactly how people get into trouble by abusing loans.


On Jul 14 06:09 PM flow5 wrote:

> Take out as many payday loans as they will give you. You won't be
> charged for writing a bad check. Just cancel your checking account.
> They are just loans.

Payday Lenders Battle Ohio's Slippery Regulators

When the government makes a decision to cap an interest rate in a specific industry without cause or concern as to whether or not that industry will remain profitable enough to survive, it becomes quite obvious that their intentions are to aid in the elimination of that industry. These actions wouldn't appear to be so suspicious and foul if they would make clear what their objective is and maintain uniformity and equality in their procedures.

Will Obama Hurt the Profitability of Payday Lenders?

Believing that a simple $100 payday loan can lead to debt "traps", forcing individuals to take out multiple loans implies that other financial responsibilities and higher bill payments aren't a part of the equation. What will banning this product really accomplish? It will limit emergency options for individuals in a bind, increase banks overdraft fees and lead to higher bankruptcy rates. They may also be subject to utility shut-off, loss of checking account and criminal charges from bounced checks. If a consumer doesn't approve of a product it's as simple as not using it, instead of insisting that it not be available to anyone. I only wish that people would take the time to find facts before making a judgment.

Advance America Makes for a Great Payday

It’s almost irony...unfortunately, at the cost of the economy. The political environment and the financial services industry has rallied against and criticized the alternative and short-term finance industry throughout the entire recession only to be engulfed by the economic crisis. Payday lenders have still been able to offer loans to individuals who may not have had anywhere else to turn for credit. Not to mention the tens of thousands of jobs made available through payday lenders while hundreds of thousands of jobs were being lost.