Time to regulate payday loans
Time to regulate payday loans
This editorial appeared in a recent edition of The Daily Times in Farmington:
Each day, people who are struggling to make financial ends meet, and whose credit is less than good, head to a quick-fix lender for the money they need.
These people are single parents faced with a medical emergency or folks with car repair bills for the vehicle they need to get back and forth to work. All are struggling to get by, and need a little financial boost.
In return, they are charged a sky-high interest rate, but at least they can pay their bills for now. Payday loans are kind of a poor man’s credit card and arguably provide a service for those in one-time need.
Unfortunately, some businesses routinely prey on the working poor and create a vicious cycle of desperation, with payday loans turning out to be a life sentence of payday interest-paid-only. The loan is never retired.
That’s when such services turns into predatory lending.
It is time laws were passed that will help protect those people from companies that exploit them and the circumstances they endure.
It is time state and federal legislators put a cap on how much interest predatory lenders can charge.
Local payday loans can charge customers 782.14 percent annual percentage rate, which means if a customer borrows $100 and promises to repay it in a week, they will be charged $15 in interest — a high price to pay for that $100.
KAET Small Business Partners
Small Business Partners - KAET Channel 8: Arizona PBS
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This editorial appeared in a recent edition of The Daily Times in Farmington:
Each day, people who are struggling to make financial ends meet, and whose credit is less than good, head to a quick-fix lender for the money they need.
These people are single parents faced with a medical emergency or folks with car repair bills for the vehicle they need to get back and forth to work. All are struggling to get by, and need a little financial boost.
In return, they are charged a sky-high interest rate, but at least they can pay their bills for now. Payday loans are kind of a poor man’s credit card and arguably provide a service for those in one-time need.
Unfortunately, some businesses routinely prey on the working poor and create a vicious cycle of desperation, with payday loans turning out to be a life sentence of payday interest-paid-only. The loan is never retired.
That’s when such services turns into predatory lending.
It is time laws were passed that will help protect those people from companies that exploit them and the circumstances they endure.
It is time state and federal legislators put a cap on how much interest predatory lenders can charge.
Local payday loans can charge customers 782.14 percent annual percentage rate, which means if a customer borrows $100 and promises to repay it in a week, they will be charged $15 in interest — a high price to pay for that $100.
KAET Small Business Partners
Small Business Partners - KAET Channel 8: Arizona PBS
Love Quotes Funny Quotes Stock Quotes Love Quotes Recipes Recipes Arizona SEO Recipes Chicken Recipes Mantels Stone Mantels Gatlinburg Cabins Gatlinburg Cabins chicken recipes electromagnetic flowmeter Fireplaces Child Sexual Abuse Prevention Mantel Stone Mantel Cash Advances Fireplace Chicken Recipes Halloween Recipes Arizona Search Engine Optimization FREE Recipes Chicken Recipes Appetizer Recipes Appetizer Recipes Apple Recipes Apple Recipes Barbeque Recipes Barbeque Recipes Payday Loans Beef Recipes Beef Recipes electro magnetic flow meter Famous Quotes Famous Quotes Chicken Recipes Chicken Recipes Chicken Recipes Chicken Recipes Marketing Firms Chicken Recipes Chicken Recipes SMS.ac Chicken Recipes Payday Loans Chicken Recipes Stone Age Chicken Recipes Chicken Recipes Chicken Recipes Chicken Recipes Arizona Search Engine Optimization Chicken Recipes Bread Machine Recipes Chicken Recipes Chicken Recipes The Perception Of A Difference wireless lan Christmas Day Christmas Carols Christmas Carols Famous Quotes
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