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Payday Loan Industry News
27 April 2008
Payday Loan Control - Early this month, the provincial government tabled legislation to curb abusive payday lending practices. The way it works is payday loan operators lend cash to people who in turn pay a fee and interest on whatever amount they take.
Read More Payday Loan Control

25 April 2008
Payday Lending Limits - A bill that would have placed reasonable limits on payday lending to protect some of South Carolina's most vulnerable residents is at risk of being significantly weakened by changes suggested by a House subcommittee.
Read More Payday Lending Limits

21 April 2008
Virginia Town to Fund Payday Loan Education - Alexandria City Council member, Justin Wilson, has proposed a new tax on payday lenders. This money would help fund consumer education services provided by the city.
Read More Payday Loan Education

19 April 2008
Gubernatorial Candidate Pushes For Payday Loan Restrictions - Missouri gubernatorial candidate Jay Nixon, continues his push for proposed payday loan restrictions..
Read More Gubernatorial Candidate Pushes For Payday Loan Restrictions

18 April 2008
Money Mart Ok with Manitoba Interest Rates - Manitoba Public Utilities Board has set a maxixmum cost for payday loans up to $500 at 17 Percent. Also providing lower rates for those on social assistance or employment insurance.
Read More Money Mart Ok with Manitoba Interest Rates

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16 April 2008

The Bank Squeeze

It does not matter where you look or what street you go down, banks(sarcasm)are everywhere. Oops, I mean Payday Loan Stores are everywhere.

Banks are trying to squeeze more profit through legislating the demise of the payday loan industry. Why on earth would the banking industry want to get rid of an industry that borrows money to people they won't?

The answer is simple. FEES

Economists with The Federal Reserve of New York recently did a study that gives us a notion of their motivation. The study was focused specifically on Georgia after a ban on payday lenders was levied. Chapter 7 bankrupcties were up nearly 7 percent and bounced check fees grew by 36 million.

Another study conducted by George Mason University and Colby College supported payday lending as a financially useful tool. It also concluded in their fixed environment, a 31 percent increase in financial survivability with payday loan access.

I just do not think it is right to allow one part of an industry to legislate another part out of business. Payday Loans and their availability to everyone should be left unhindered. Let the marketplace decide.

Seems to me the people would rather pay the payday loan store a fee than a bounced check fee to the bank.

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