Posts Tagged ‘lender’
New Credit Card Law, Same old failing system
Consider a sub-prime credit card that now comes with a 59.9 percent interest rate. The lenders serving risky borrowers say high fees and interest rates are necessary because their customers are more likely to default on loans. Restrictions on what they charge could put them out of business, and leave the neediest with no options at all, they say.
Payday Loans Strong In Ohio
The General Assembly, left and right wing alike allow payday lenders to continue business as normal. *Gasp* 391 percent… shocking. Get a grip. I find it funny that legislators are still trying to pull the proverbial wool over the general public’s eyes with these large percentage numbers. These numbers are less than what you pay for overdrawing your checking account.
Arizona Payday Loan War Continues
As of July 1, 2010 Payday Loan centers in the state of Arizona are supposed to close their doors for good. The only thing that has kept them open this long is a House bill that was introduced. It’s great to watch politics feed on the uninformed, they love to use scare tactics along with these outrageous percentage numbers to try and scare people into voting there way. State Senator Chuck Gray was quoted as saying “When they charge 400 percent interest and burden those families with those kinds of debts, …”
Why payday loans are flourishing
Economically our nation is still in a downfall, with banks still reluctant to distribute loans as they once did is causing an increase in the use of payday loans as much as 25% in some areas. As laws tighten to govern these local payday lenders more new faces are walking through the doors and filling out applications online in a continued steady growth.
