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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

Is 36 Percent the Magic Number?

In looking around at payday loan legislation news, it would appear a 36 Percent rate cap is the target number opponents have determined as their number.

The problem is these people are thinking in banking terms. A regular old bank would be tickled pink getting 36 percent APR on borrowed money. The thing they do not understand is this.

A Payday Loan is not like a regular loan. People will most likely resort to a payday loan because they cannot secure finances anywhere else. Why can't money be obtained from a bank? Bad Credit is your answer.

How do you get bad credit? You do not pay back borrowed money in a timely manner. Lots of late payments, collections, and charge offs will kill your credit.

This only makes sense. If people have displayed tendencies of a poor payment history, chances are the future will be the same. Higher labor costs are a direct result of this. This drives up the costs of the overall Payday Loan business.

The higher cost of business is always paid by the consumer. As I have stated in previous blogs, the payday loan Industry does need some sort of rate cap, but 36 Percent will only put them out of business.

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