Payday Loan Niche Attacked

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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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Payday Loan Niche Attacked

Payday Loan services are often portrayed in a bad light. Opponents scream this industry takes advantage of those who can least afford it. States legislatures are making attempts to cap interest rates payday lenders can charge. It seems everyone is trying to protect you.

.....Right?.......

I think not. Here is what I think is at work here. Traditional banking has realized their mistake by not servicing those with bad credit. I believe, they are attempting to use special interest groups and state legislatures to squeeze out the majority of payday loan lenders. Effectivly eliminating competition.

Why would traditional banking services want to to this?

You have already seen the answer beginning to happen. Credit Unions have started to jump into the Payday Loan Industry. Banks are sure to follow. I have discuss previously in this blog an interesting trend. California, Ohio, Virginia legislatures trying to impose a 36 percent interest rate cap on payday lenders in their states.

By creating legislation, this helps create public awareness on the issue. By capping interest rates or atleast attempting to cap the rate, it helps legitimize the industry in the minds of the public. This is all part of a PR campaign legitimizing payday lending. What is even more interesting, is that Banks have been part of the payday loan process the whole time.

Many payday lenders already work through banks in many states. South Dakota is one state where banks and lenders have created alliances. Payday lenders partner with banks to make loans in states where usury laws prohibit direct lending at triple-digit interest rates and in states that authorize payday lending with restrictions.

Only time will tell when traditional banking will become openly involved in payday lending. My notion is 2-3 yrs.

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