Inadequate Attempt
Payday loans are under the gun again over zoning. Legislators in and around Milwaukee, Wisconsin are looking to change zoning laws so that payday loan companies have to move away. Yet as any person who questions what they’re told can see, this will not eliminate the demand for the product. It will simply require that people travel further to get to businesses, which in turn contributes to road congestion, road wear, vehicle wear, air pollution and consumer frustration. Thankfully payday loans are also available via telephone and online.
Zoning faxless payday loans businesses simply doesn’t work, yet legislators continue down this path, wasting time and taxpayer money. If they listened to their constituencies – their actual constituencies and not the buzzing Center for Responsible Lending flies at their ears – maybe they’d see that it is a useless endeavor. One can hope.
What’s with Milwaukee and payday loans?
MILWAUKEE - APRIL 04
Oak Creek, a town near Milwaukee, is considering caving in to special interests. The local Journal Sentinel newspaper reports that they are considering the adoption of a zoning ordinance similar to those in Glendale or Wauwatosa, which would limit or ban faxless payday loan stores within city limits.
Oak Creek’s fear is unfounded and irrational, considering studies that indicate that limiting access to payday loans actually harms consumers.
Wait, there’s more
Legislators in Oak Creek and surrounding towns want more:
- They want to define how payday loan and check-cashing businesses are different from banks
- Wauwatosa wants rules that limit “clustering” and closeness to residential neighborhoods (making customers drive more… horrible idea)
- Similar to an El Cerrito, California law, these Wisconsin towns want to require that payday loan companies install security cameras and follow monitoring regulations
Drive payday loans out, drive income from your city
Whether or not the legislation passes in Oak Creek will have a great impact on decisions made by Cudahy, Franklin, Milwaukee and South Milwaukee. The constant governmental interference in a consumer’s ability to use tools like payday loans during short-term cash emergencies will continue to cause trouble and erode individual freedom. If banks had to face the same kind of scrutiny, they wouldn’t remain in business. Think about it, Milwaukee. And before you go, speed by Oak Creek…
While the economy is making a turn for the worse, Milwaukee government is bothered by payday loans? I mean, look around. Almost every person and business is in need of some kind of payday loan. This is clearly not a good time to toy with the idea of demolishing the one industry that appears to be the only life-saving wrap for the nation and its people. Wiping out the payday loan industry at a time like this will be absolutely disastrous. Yes, Milwaukee… think about it… really think about it.