Payday loans in Arizona after Prop 200? It could happen. This is the conclusion of “Payday Loans for Arizona | Repealing Prop 200.” Click here if you missed the beginning of the article.
Freedom of Payday Loan Choice
Mr. Pearce sounds like he has a great deal more perspective, or at least more than knee-jerk critics of payday loans seem to have. It’s quite simple, he feels. “At times, people have no other place to go to for a loan.”
Mr. West, who lambastes Pearce in his letter to the Arizona Republic, goes on to make a comparison that he feels is viable:
Should society legalize brothels even though it may be the only place some men can go for female companionship?
It could be argued, Mr. West, that the legalization issue you jokingly propose is a moot point in light of the real problems people face in this world. With the proper controls in place, where is the exploitation? Payday loans already have protections in place that serve the public, and nobody is being forced to use the product in an irresponsible fashion. What is your point, Mr. West?
Other Republic readers disagree with West about payday loans
Reader Marcparella responds to West’s comparison with a view rather close to this author’s:
I don’t have a problem (with legalizing prostitution). And I don’t have problem with payday loan outfits either. I would be in favor of regulating the industry and making sure Truth in Lending Laws are practiced (They are – Ed.).
Then Marcparella raises even more valid comparisons:
Would you outlaw used car dealers? Or financial institutions that charge outrageous default rates? Or online college programs with “iffy” accreditation, or how about all of Wall Street for that matter? Seems like those folks did more damage to our society than reputable short-term loan outfits. The bottom line: it is a “buyer beware” world.
Marcparella recognizes that no matter what a consumer is considering, healthy caution and moderation are wise. So does Scot, another reader:
Where would you draw the line between legitimate lenders and an industry which “preys on the vulnerable” in our society? Ignorance and stupidity make one vulnerable, and the world is full of people and businesses who take advantge of that. Just look at the “affordable housing” industry and where that got us. The fact is, one cannot legislate against stupidity. People must take responsiblity for their own welfare, not expect someone else to take care of them. The payday industry is only furnishing something that people either want or need, or think they do.
People must have the freedom to choose a payday loan if they want
The freedoms granted to Americans by the Constitution give us the right to choose a product like payday loans if we are in a fix and need some cash assistance before the next payday. Lobbying for that right is within our rights. It is as simple as fighting for what is right for a significant percentage of the population, not for something that may be unwanted competition for the select few (banks and credit unions).
Beautiful logic offered in this article.The protection we need is from the ‘do-gooders’ who typically are sideliners knowing not what they are talking about.
I have a right to choose a payday loan if needed. Why should only the banks be a choice, with all the high interest rates no wonder we can’t keep our heads above water or “SNOW” in my case. Thanks to my states legalization, I was able to get fast cash from a payday loan. Now I can get to work with my new snow tires. If you can’t work nobody gets paid !
Very real needs can be filled by a payday loan and the best provider… Personal Money Store!
I agree with Kiko, Personal Money Store is the best when is comes to getting a payday loan quick and easy.
Trying to take away payday loans is ridiculous. If payday loans are not available, where will people turn when they need help. Most banks do not do short terms and if they do the qualifications to receive one can not be reached by the average household. What if those people need food or need to fix a car, has anyone thought of that?
It’s kind of typical that so many “do gooders” want to rid society of a perceived evil, like payday loans, without understanding what the lack of availability would actually do. Take Prohibition for example – they tried to outlaw all drinking, and who benefited the most from it? Not the American people, it was Al Capone! Banning payday lending will do the same thing, and they aren’t evil in the slightest – the overdraft fee structures that are imposed by banks are, and banning payday loans will increase the number of them that get applied. Great for banks – bad for Arizona.