what if all PDL companies are shut closed ??

No, I don't think they should be closed down (though I know alot will disagree with me) The legal ones have to abide by your state law, if they don't they can/will be forced to pay fines etc. As long as the consumer reads the contract and takes it out responsiblily, and only takes out what they can afford to pay back. Now granted that usually doesn't happen especially with illegal companies.

Instead of having the payday companies be shut down, I'd much rather see a total reform on them. Say a certain percent cap, and they MUST be a member of CFSA. Will that ever happen? I doubt it. You won't be able to shut down payday companies (maybe here in the US) but there will always be illegal ones. Plus not to mention, if they really want to operate, they'll come up with a different business plan (say CSO) as some are operating, in states like TX.

i voted yes out of bitterness, i suppose. but i know there are legal ones who follow the laws. i just never had experience with them as the loans i have taken were illegal.
so perhaps i do not think it is fair that the legal ones are to be shut down but i agree that perhaps there should be at least a nationwide cap on interest.

sorry,but i agree that the storefronts that follow the law shouldn't be penalized for the illegal internet ones.those if they are shutdown i'll celebrate.

I agree that the store fronts that operate leagally should not be wrapped in with the illegal internet lenders.

I do however think that reforms need to be made that payment options such as an EPP need to be displayed clearly in the stores and the customer service people and managers need to be trained about that option.

And I don't mean some one liner statement buried in the size 1 font somewhere in page 3 of the loan agreement or in some pamphent on some table buried in the corner. The signs should be as big and as clear as the fee posters.

The EPP should apply to all store fronts across the board not just companies that are members of CFSA.

i am in full agreement nohiogal.

Ahhh, my job here is done...

I have managed to get Paul to admit that legal storefront PDL stores are not totally evil!!!!

Seriously, the 4 responses make alot of sense. There does need to be a consistent regulation that covers all states. By creating continuity, the playing field will be clear to regulators, consumers and lenders. As long as the rates will allow us to operate in the black, I believe that all involved will be happy.

i agree, i also do take responibilty for my taking out these loans so many times. it is an awful trap but i did sign up for it, so i really understand. the way the illegal ones operate makes me so frustrated though! and since the loans are not legal in my state those are the only ones i have worked with.

I agree about the storefronts. They are licensed and so have proper oversight. Even though the fees are high, if you are in need of money right away there is no other place to go except family or friends. I think they are better than a pawn shop any day!

Not to mention, they are supposed to be paid back in full on payday (hence the name). Since they are loaned so fast and with no credit check, the fees have to be high (although an argument can be made that they should not be as high as they are). But, regardless, they should only be taken out in emergencies. ???Robbing Peter to pay Paul??? (getting a debt to pay on another debt) is a BAD idea no matter how you look at it.

Especially when dealing with internet companies, Google is your friend. Investigate FIRST.

chrys