Says it so well...
Date: Thu, 08/30/2007 - 10:09
I found that little gem as part of a discussion on the senate passing a bill to regulate payday loan lenders.
Like the pirate reference. I have come to think of them as loan
Like the pirate reference. I have come to think of them as loan sharks.
Was this in the US House or the New Mexico senate? It is so true
Was this in the US House or the New Mexico senate? It is so true!
Im not sure now...I can't remember where I saw it. :oops:
Im not sure now...I can't remember where I saw it. :oops:
We need to check the federal Congressional Record. Great news if
We need to check the federal Congressional Record. Great news if it's federal!
Im thrilled that our goverment is taking some kind of action, bu
Im thrilled that our goverment is taking some kind of action, but just the thought that they think there is a need for these payday loans, makes me sick. I know that I have been there, paid my dues and am still paying, but just get rid of them all toghter. Thats like saying, "Well, I know cancer kills, but what would the doctors do without it"? Just get rid of them.
thanks and all the best
The excerpt regards legislation in the state of NM.
The excerpt regards legislation in the state of NM.
I think there is a legitimate need for them, IF they were proper
I think there is a legitimate need for them, IF they were properly regulated and not allowed to charge these ridiculous fees...for example in Texas loans can only have a 10% interest rate if they do not want to be licensed. Fine and good, make $100 loans with a $10 finance charge....I bet many more people would stop defaulting if the companies were not trying to bleed them dry.
The original idea of a payday loan is a good one if done right and not by greedy money grubbers. I would have no problem borrowing like $200 till next paycheck and paying back $220???????instead of borrowing $200 and paying back $282???????or worse.
I respect your opinion, but I still think they all need to go. I
I respect your opinion, but I still think they all need to go. If there was a way that they could restructure and make it more like a conventional loan, that would be OK, but PDL's as they stand now suck you dry...And a loan with a lower interest rate would still suck you into the PDL cycle. Just my two cents.....
May I add..that the state of New Mexico seems to have their fair
May I add..that the state of New Mexico seems to have their fair share of internet PDL's. If this senator is really concerned he is diffenently in the right place to start regulating or better yet...getting rid of them. Two of the five I have list Albaquerque and Espanola as their home address..
PDL
Put'n in my '2 cents', too. I don't think we should have ANY PDL's around. Even if they DID have 'legal' % rates, they can be too complicated to work with. You wouldn't be working with the SAME person, etc.
