The Think Right Arizona Blog posted an article in part that discusses the Predatory Lender situation.....
Here is one quote from that article:
"Pay day loans are usury, I've been in the lending
business for 16 years and there are limits to how much can be charged. A 400%
per anum is indeed exorbitant and in other financial industries, you'd be thrown
in jail if you lent money at that rate. I haven't read the proposed legislation,
so I can't offer support or denounce it at this time; however, the consumers
need protection from loan sharks. If the gov't can regulate other financial
industries, then it should be looking into payday lenders
too."TR from Think Right Arizona
2 comments:
TR as always, your view on this is 100% right on. Maybe if some people would just read the original article with the links to the sources, they might understand the problem these predatory lenders bring to the community. Great quote TR. You are staring to sound like another TR (Teddy Roosevelt) we all know!!! We may have to start calling you Mr. President...
you call me Commish for now.
You're right about the community, these folks are put in bad positions - by themselves & the loan sharks - and then have to rely on gov't assistance to make it.
So, taxpayers are also hurt.
No plans on future office. But, I like TR & RR. The US could sure use another TR. I think'll read Theodore Rex again to get inspired.
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