society need PDL awareness? Can we do something?

Many states are doing something, Oregon just past a law which caps their rates at 36% and Ohio is about to pass a law which also caps them at 36%, this will drive them out of business.

I think there is definitely a need for more pdl awareness. Most people do not realize what they are getting themselves into when they go get that first pdl. More often than not, this is just the beginning of a long cycle that is extremely difficult to get out of.

I think this would be a really good idea. Most people (like myself before) do consider them a short-term answer for situations, like temporary unemployment of either themselves or their significant other or spouse, and think they can pay it off in 1 or 2 paydays..but many times, these situations last longer than you think, and then the short-term loan snowballs into a mammoth giant..more of a curse than a blessing. Please don't shoot me or don't get me wrong...I don't think pdls should be banned altogether. Some people don't have friends who will lend money (who've been burnt before by non-paying friends, broken promises, etc)and if you have bad credit, banks won't lend money to you. BUT pdls in each state need to have better regulations and interest caps, and rollover restrictions, so consumers don't get burned. Until this happens, a market definitely exists for pdl awareness.

I actually saw a commerical the other day from the Consumer Financial Services Association, which represents payday loan lenders. They tried to make themselves look like they were just trying to be helpful and legal and were only looking out for the consumer.

Finally I am regsiter, thanks for helping me register dear mods.

I think pdls do serve a purpose. Like Joshua1987tree said, some people don't have another choice but to take out pdls. But, the pdl companies should have to be licensed, have rate caps, and have to follow the fdcpa guidelines for collection. They should not be allowed to get away with threats and illegal collection acts. Also, I think that each state should enforce a maximum number of pdls at a time as well as a maximum number of pdls that a consumer can take out per year. I know that some states SAY that there is a maximum number...but is that really enforced. Also, I know that I wouldn't have ever gotten into the situation I am in if someone would have taken a minute to inform me of the repercussions of the cycle. I know I am responsible for my actions, and ignorance isn't an excuse, but I would like to see others educated about this vicious cycle before they get caught up in it.

That commercial is a joke. Use payday loans only short term. Why dont they go into how much it costs. How these companies need to stay out of states where they are ILLEGAL. I do think that some type of loan should be available for credit strapped individuals but not payday loans. I think they should be banned altogether. I have always liked the term predatory lending because that is what they are PREDATORS. They are allowed to prey on people that have no other choice. Thats a shame folks. People that are just trying to eat and pay bills. I read an article the other day that the average American is three checks away from the street. Thats a chilling thought. It could be any of us anyday. KYSIDE38