Do you think that payday loans should be banned across all states?

yes payday loan should be banned across all state and becauese we apply for that is why , we are member of it As an Agricultural is told and it bebieve. we apperciate your effort which you put in , into this business we are not going back we are moving forward see how best . too hopefully by next year you be seeing our products coming up to the united states . than you will give us your marketing program in your marketing sales in your conutry .

I feel that Payday Loans can fill an emergency need, but overall, this "service" encourages people not to live within their means. Furthermore, it creates a vicious cycle of always owing more than you earn. There is no regulation on the percentage rates and fees: which is illegal - it's called "usuary".

Most people using this kind of service do not realize that it's "loan-sharking" dressed up and it preys on the less knowledgeable and more desperate sector of society.

However, I do NOT endorse banning these businesses "across all states", quoting from your question. It is up to each state to deal with these companies and a blanket ban across all states - which would involve action by the federal government - is inadvisable and not appropriate. State's rights prevail.

yes, then despirate people like me would not be able to apply. They promise up to 1500 but only give 300 and will give you more then one loan and I have 4 at $90 every two weeks I cant even pay my other bills and cant pay any of them off. I am stuck. I could not get a loan anywhere else and the loans were so easy to get, now I cant even pay my other bills.

No, not entirely. I believe they should reduce their fees however. Payday loans have assisted people in making cash available when they are in a financial bind or pinch and the availability of cash helps people who are experiencing delays in receiving their employment checks or income. They have also been very understanding when you cannot pay on the exact date and arrange to pay it a few days later.

Absolutely.They prey on those least able to afford them, and leave people even deeper in debt than they would have been if they had never gotten the loan at all. I don't understand how interest of 300% or more could even possibly be legal. The worst thing about these loans is that they can eliminate a person's ability to get another checking account; most of them require post-dated checks which will then bounce if not covered by adequate funds, which puts the debtor even DEEPER in debt! I was a victim myself... and only just recovered, some 10 years after I took out a $300 payday loan!

I definetly think pay day loans/title loans should be banned across all of the U.S. It pries on poor people. I feel like these companies are robbing low income/bad credit consumers and making themselves rich. How does it help? It doesn\\\'t.It makes poor people become more into debt.The interest rate is so high, it\\\'s difficult to pay off.The companies know it!! Rich get richer, the poor get poorer. We need to bann all of these high interest loans and get more reasonable and honest companies out there to helpand not hurt the low income people.We made mistakes, but we need a rope to climb us out of debt, not make it worse!

In my state, Arizona, llicensure of payday loans has been required since the year 2000. The citizens of the state, including myself, this past fall voted to revoke such licensure on July 1, 2010.

I've heard some payday loan supporters say that people want access to these loans, so why shouldn't they be allowed that? Or that people who are poor or with less than perfect credit may not have other resources to get a loan, so such loans should continue to be legal. My response is, we cannot afford to allow businesses, which do more harm than good, to continue to operate in such a way that they destroy individuals' financial (not to mention mental/emotional) lives. These businesses actually make people poorer, not better off, through high interest rates and overcollection. The services they provide ultimately comes back to haunt many of the people who use the services, through collections, lost wages, and lost time.

My own experience with payday loans included lost money due to NSF's and finance charges, mental and emotional anguish, wasted time trying to stop the companies from taking more money out of my accounts, and an overall sense of loss of time which could be better spent making money or working at my art or being with loved ones. This is an experience I would like to help other people avoid, if possible.

We are beginning to see more regulation of the mortgage industry, after years of subprime loans and dirty dealings. The case of payday loans is similar. They must be regulated. While I would like to see them banned completely, I do not believe this will happen in every state, unless the federal government gets involved. Too many people and too much money are at stake.

But the citizens of each state should be allowed to decide how these businesses should be handled and if they should be legal or not. I am glad to say my own state will be revoking the licensure of such businesses in 2010. The new Consumer Financial Protection Agency proposed under the Obama administration, if it is voted in by Congress, should look closely at this situation, as well. While a case can be made for too much government involvement in business, when businesses do not deal ethically with their customers, a system should be in place to ensure the consumers have their rights protected. In the case of payday loans, that system should be either revoked licensure, if approved by the people of a particular state, or very strict regulations about how such businesses should operate in the first place.

They just should be more fair to consumers and better regualted by states. As die Internet sites they should ALL be banned as most of them are shady operations that think they have power over borrowers' lives and finances once a loan is taken out from them.
Internet payday loan operations are able to circumvent law as they can be located anywhere in the world. Most are under an umbrella company and go by many names which is very confusing for borrowers and makes it easier for the PDL companies to take advantage of consumers. Also, other types of scams ans fraudelent activity appears because of PDLs on the Internet, such as false PDL consolidation companies and debt collection agencies that are just out to get one's money rather than charge exorbitant interest like a PDL.

I am not sure that banning them would be the answer. It is kind of like in the past when they banned the booze, people found a way to get it through illegal means. I think the loan sharks from years ago would profit greatly from this.People are going to need help, especially now and when you are desperate, you do desperate things.

Maybe the answer would be to have very strict laws passed on rates,rate caps,disclosure,fees,etc. And this would be done under an agency that makes sure that they are following the guidelines,if this would even be a possible way to regulate them.

I also think that we,as a society, need to learn to become educated in debt,debt practices, handling our finaces,etc. Once we are educated in these, we are armed to make logical decisions and wiser choices with our money.

Until, and unless,there are stricter limits,fees and a wath dog on the PDLS, it will continue to take advantage of desperate people..

Yes, I feel that payday loans should be banned. These institutions lay prey to low-income, uneducated, desperate individuals that are unable to get personal loans because of minimum wage jobs. These minimally schooled individuals are just hoping to make ends meet from payday to payday and find themselves deeper in debt and unable to dig their way out. I call them legitimized loan sharks that are conveniently located-in or near the hood!

Yes, I believe that PDL's should be banned across all states. They are presented as an option to help you make ends meet until payday with commercials showing people smiling and feeling relief; however, they are a trap. They don't show that same person trying to pay $900 or more for a $300 loan.

I fully understand the need to collect interest on a loan; however, they are attempting to collect the same amount of interest someone would pay for a several thousand dollar loan that is paid back over years. If they wish to collect that much interest, they should provide those types of loans. I also understand they are generally lending to high risk debtors; however, this is no excuse for the fees, interest rates and tactics they use to collect.

The fact that the majority operate illegally shows their unwillingness to cooperate with the laws of our states. Since this industry refuses to abide by the law they should not be allowed to operate within the USA.

Yes, they are horrible!!! They suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck

I have seen the actions of these companies up close through some of my former employees. They continually harassed these people at home at work and on their cellphones. This fact was made even worse by the fact that when my employee paid off her balance in full she still received calls from the local office asking if she needed another loan. The gall of these people was amazing. I feel they should be held liable for both the lies their employees tell to prospective clients, and for the harrasment of current and prospective customers. They are no more than loan sharks and they need to be stopped/regulated as harshly as any extortionist out there.

Yes, the reaccuring interest every 2 weeks is scarey. These companies put more people over the edge. They are not there to help. They just want to suck the life out of you. They are like legal loan sharks. The legal mafia..Now when the Mafia did this stuff many years ago they were put in jail. So what is the difference.

Yes I do. Why you may ask? Because a lot of people, mostly the majority that use such places, get into financal trouble by go there to try and get out of trouble, or these people are just trying trying to create a larger spending base and don't even try to get out of debt, they think it's easy money, why not. Then they are in deep deep trouble and can't get out. I have never used a source of money like these Pay Day LOans. I have enough trouble with money, without creating more.

absolutly not!! i personally think that payday loans are great for people like myself that need a little help in this world. because we all know that the economy sure isn't going to help us. its only going to get worse before it gets better. and people like us that need a little extra money for emergencies wont be able to get it if they take away the opportunity for us to be able to get the cash to help us out no matter what the need is. and not to mention that the banks are living high on a hog while the so called middle man and the low income families cant even stive in the economy anyway. we live from paycheck to paycheck to make ends meet, taking the risk of loosing everything we have every day. what are we suppose to do when times get to tuff to handle? we sure cant go to the banks for help. no no!! so until then we have to rely on payday loans to help get us by. even if we have to pay a little extra fees to get it.. but sometimes we have to do what we have to do.. thank you so kindly crystal

I believe that payday loans are harmful to the economy. Also I believe that they can be a useful for some people in certain situation. This system works on people's financial problems rather than people's capabitilies to pay. It targets people on desparation and without financial education or without financial experience.

Yes, individuals who think that a payday loan will help them out don't realize that they just make matters worse for themselves when it goes to paying back that loan and then take out another and another and before you know it, you have more than you can afford to pay. If the option isn't there, individuals would need to learn to be more responsible with their finances.

Payday loans should be banned across the United States. The companies who provide these loans engage in predatory lending practices. Due to the lack of regulatory standards with internet payday lenders, the consumers can access multiple loans, often putting a band-aid on their financial burdens from payday to payday, ultimately mounting to volcanic proportions. Each payday the consumer takes additional loans in an attempt to live from payday to payday as the majority of their check is drained with multiple fees.
It is an unfortunate and sad predicament, often leading to financial ruins and additional stress on individuals and families.
Payday loan interest rates and fees are outrageous and are worse in comparison than loan sharks. Help vulnerable consumers and stop the "payn" BAN PAYDAY LOANS!!!

Yes payday loans should be banned. They are thribving right now with the crappy economy, and people have become trapped in a visicous circle that never ends. They take advantage of anyone with a checkbook, gibe them more than they can afford, and charge 600% apr. Ridiculous! I myself am trapped in this revolving door. and because those of us with terrible credit can only gget this type of loan, we are screwed. End them now.