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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.
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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.
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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.
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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

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Illinois Law Leaves Loophole.

An Illinois Payday Loan Law loophole allows lenders to run business as usual. In 2005, Illinois law invoke a series of payday loan regulations on loans under 120 days.

Lenders found a way around the laws by shifting their customers into loans exceeding 120 days.

This effectively skirted the new regulations. In fact, one of the more actively payday loan lenders, Americash, has increased the interest rates charged to customers. Since 2004, interest rates charged to borrowers has jumped from 140 percent to 279 percent.

This points to a very important point I have with government trying to legislate consumer protectionism.

It does not work!

Business owners, no matter what the industry will find ways to increase profits. That is what they do. Rather than trying to out smart businesses, they should be focusing their efforts on education.

Educating the consumer and helping them find ways to improve their financial condition should be their focus. Believe me, I know. I was there!

I was not able to drag myself out of my own payday loan debt until two things were done. My own personal decision to stop the insane debt cycle I had created and educating myself on financial matters. Without this decision, I would still be borrowing using cash advance lenders.

Moral of the story? Don't legislate - educate!!

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