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article imagePayday Loans on the General Assembly Agenda

By BlogMania     Jan 17, 2007 in Business
PayDay Loans or Loan Shark Loans??
This topic has been all over the news where I live. Payday Loans and the issue with how high of an interest rate they are charging. Virginia residents are saying that...
"It is something we want to address because poor people are being victimized by the lending process that extends beyond the 36 percent interest rate"
"Poor People" nice choice of words, but I can see how this is true. People who don’t make a lot of money "Middle Income Americans" as another put it, are getting sucked into this new way of life. Now I was not around back when they had loan sharking but I’m pretty the definition of a loan shark is a person who lends money at a very, very high interest rate. Would I be wrong?? This sounds familiar, these interest rates are said to be way beyond the 36% some charging as much as 500%.
I watched Montel yesterday and he happen to have a couple on air that used payday loans on a regular...like every week. Lets just hope it wasn’t a place that charged 500%. This is crazy and while I do agree this should be brought to peoples attention at the same time I think that people who do this have no other choice, where would they get the money from. Its like a do or die situation. I wonder if they BREAK LEGS too.
I hope the General Assembly passes the bill that will stop the sharks in there tracks and put a low cap on this "PayDay" lending. They also will be addressing title lending in the future, I wont even touch that subject. My Car will not be signed over to anybody especially a Loan Shark.
More about Payday, Loans back on the General Assembly agenda, Payday loans, Car title, Title loans
 
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