Manitoba’s Judgment of Payday Loans Ignores Reason, Commerce
A Reasonable Argument, Rebuffed With Extreme Prejudice
Governments both large and small often take it upon themselves to decide what consumers should or shouldn’t be able to do with their own money. Call this the “nanny state” mentality if you will. Regardless, it seems that a population is somewhat less than [...]
Shots Fired on Ohio’s Payday Loan Battleground
Irresistible Force, Meet Immovable Object
The battle for payday loans in Ohio has been a difficult one for consumers. The recession hit the Ohio workforce harder than most, and the need for emergency short term loans is greater than ever before. Yet the state legislature in their infinite wisdom decided that [...]
The Herald Loses Objectivity: Trashes House, Payday Loans
Go ahead, show us your true colors
That’s exactly what Rock Hill, South Carolina’s The Herald newspaper is doing when it comes to their payday loans reporting. Their staff opine that the recent bill that passed the S.C. House is “toothless” and does not protect consumers from supposedly “predatory” lenders. Of [...]
Board Advises $21 Payday Loans Cap in Ontario
Is capping payday loans a good idea?
The Associated Press reports from Toronto that an “independent advisory board” is advising that Ontario’s government should cap the cost of payday loans at $21 for every $100 loaned. If this were to become law, it would join the current consumer protections provided by [...]
UPDATE: North Dakota House Votes Not to Cap Payday Loans
North Dakota says yes to payday loans
KXMC CBS 13 in Bismarck, North Dakota reports that the state has sided against unfair regulation of payday loans. In an 88-5 vote, they defeated a bill that would have lowered maximum fees and lending amounts. Perhaps they’ve been paying attention to our coverage, [...]
(Obama) + (36 Percent Payday Loan Cap) = Misguided
Something was lost in translation…
In a rather sloppy borrowing of a payday loan story from the Chinese Xinhua News Agency (misspelled “Xinghau”), FreeRepublic.com recently reported that President Obama made plans during his campaign to come down hard on the industry, limiting the annual percentage rate cap to the same cap [...]
Ohio, Fight Ignorance One Payday Loan At a Time (Pt. 1)
Some Ohioans see the light on payday loans
Who would have thought that a state whose legislature and media have been so blatantly against the payday loan industry in recent months would allow a reporter to pierce the veil of insanity with a bit of truth telling? That’s exactly what Adam [...]
Dartmouth Payday Loan Study: Oregon Rate Cap Harms Consumers
Discouraged Consumers
In 2007, the State of Oregon imposed a low payday loan rate cap of $10 per $100 borrowed (150 percent APR), and extended the previously common two-week payment period to a minimum of 31 days. Numerous sources have spoken out against this regulation, claiming it to be unfair and [...]
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