as i said earlier, i don't think that the loans should be outlawed. i just think there are some regulations we could add to cut down on the number of people that get in over their head.again, i hate indentured servitude, even if it's freely entered into.
do you want people to have the right to sell drugs to kids?
Pay day loans aren't illegal and they aren't given to children.
I know you think you're helping out the stupid and in a sense you are. But what about those who use Pay Day loans in an emergency and pay them back? You're taking away an avenue that may help the poor in some cases.
These people are adults and they can do simple math,they know what they're getting into and it's their choice. I know I wouldnt want the gov telling me I cant get a loan. But then I wouldnt get one I couldnt afford either.
my main gripe would be with the refinancing of loans. it's a trap that payday loan companies use to get people deeper in debt to them without risking any more capital.
It's the nature of the type of loans they make. It's really no different then going and buying a car with bad credit vs. good credit.
What about those pay by the week car dealers who put lock outs on the vehicles they sell so they can shut them down when payments are missed?
You okay with those?