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Banning payday loans

Date: Tue, 09/05/2006 - 19:37

Submitted by anonymous
on Tue, 09/05/2006 - 19:37

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Total Replies: 18


I dont know if its true, but i hear that there is a major movement to outlaw payday loans and that some states such as NY have allready banned them. Any truth to that?


YEs, there is legisalation pending in congress to place sever limitations on PDL's...the pentagon has come out in favor of this legislation. There is a article at http://www.washtimes.com/business/20060903-095533-9678r.htm which talks about it. if you do a Google news search for "military Pay Day Loans" there are Several articles on this legislation and the issues surrounding it.


lrhall41

Submitted by LCW on Tue, 09/05/2006 - 20:08

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Unfortunatly the legislation only applies to store front lenders,not online ones. Furthermore, it only applies to members of the military.

The Payday loan industry has one of the strongest lobbying groups in Washington. So unfortunately they will probably be here awhile.

It is us "little people" who need to be vigilant about them and warn our fellow man of the dangers they present.


lrhall41

Submitted by Roadwarrior on Sat, 09/09/2006 - 12:11

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Roadwarrior,

I couldn't agree with you more. I have read articles on how easy it is for some military members to get sucked into the trap, as many of us here have been. I think the people on this forum have decided to take a stand against the unreasonable and unethical tactics that online lenders have used to scare us into paying them more money than we already here. I have overpaid some by hundreds even thousdands of dollars according to my state laws. What's done is done. I look at it that I can help those going through a similar situation that I was in a few months ago and maybe warn someone to stay away from payday loan companies all together. I think we have taken a step in the right direction.


lrhall41

Submitted by Cow & Chicken on Sun, 09/10/2006 - 06:58

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I've said it before on this forum and I'll say it again: What we ALL need to do is ask our elected officials (and those who want to be) what their position is on predatory and payday loans and HOLD THEM ACCOUNTABLE!!!!!
It would be interesting to see how many states are represented on this forum (I would bet close to 50).
We could start a nationwide movement to get these disgusting lenders out of our country if we all commit to following up with our elected officials.


lrhall41

Submitted by kscornell on Sun, 09/10/2006 - 17:00

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No doubt, we need to find out who supportd pdl's and vote them the hell out of office in Nov, as I will....I believe that more likely, Republicans would support them because they are more pro-big business and Democrats would oppose them because they are more consumer friendly.


lrhall41

Submitted by on Mon, 09/11/2006 - 05:20

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I would like to see the PDL industry be required to take debt consolidation program proposals. If a person is entering their loans into a consolidation program, the PDL should not get to have a choice about whether or not they will work with the consolidation program; mandatory participation. I don't care if a person gets put on a "list" and can never PDL again, at least they have a way out of the nightmare and without all the threatening phone calls and sleepless nights.


lrhall41

Submitted by on Mon, 09/11/2006 - 15:42

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