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The Payday Loan Battle Heats Up

The battle between state lawmakers and the payday loan industry continues to heat up.

  • Arkansas Attorney General, Dustin McDaniel has put the squeeze and Payday Loan Lenders for violating the states constitution which limits interest rates charged to borrowers.
  • Kansas City voters recently add a $1000 tax to Payday Loan providers to help pay for regulators.
  • Payday Loan supporters get loud as Ohio holds hearings to tightening payday loan regulations.
I have mixed emotions regarding this battle. While at the height of my payday loan borrowing, I was paying over $1000 per month in interest. This massive debt load was strangling my financial foothold. On the other hand, I am a firm believer in personal responsibilty. I got myself in too deep with payday loans and I had to work a second job to pay these loans off. People need to understand what they are agreeing to before they secure a payday loan. They must have a payoff plan before they get the loan and work toward removing the cause that forced them to get this high interest financing.

Payday Loans Lenders would not have been this successful had conventional lending institutions not ignored those who needed short term loans. Now it appears some Payday Loan lenders have gone too far by charging interest rates that far surpass the risk they take.

Where will it all end? While I agree some forms of legislation is needed to curtail the greed of some payday loan lenders, it is insane to only allowing lenders to charge 17% APR. This will only drive the Payday Loan industry into the ground. Leaving those who need payday loans left out in the cold with no lenders to turn to.

Does the Payday Loan Industry have a place in the financial market? I believe they do.

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