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Who thinks payday loan companies should be banned in every state?

elaine asked:

I fell into the payday loan trap, which I struggled my way out of. Now when I see someone going into one of those places, I just want to run grab them and pull them in the opposite direction! I hate predatory lenders.
Asked on: 2008-05-04 10:20:25

6 Comments

  1. foxymoron says:

    they dont trick you in to getting a loan from them… its your responsiblty to be responsible with your money… i have on occassion since my divorce needed one…. and it came it handy…. try using a budget

  2. pickles says:

    yes yes yes, they take advantage of the usually poor and are loan sharks that are illegal…..if they can do it then why cant the mafia

  3. Tom H says:

    I think it makes more sense to teach Personal Finances rather than Geometry/Calc/higher level math, as most people would benefit much more from learning about interest rates, savings accounts, Roth IRAs, credit cards, mortgages, etc.

    Payday advance companies will always exist as long as the market proves there is a need for it. There is a need primarily because children aren’t educated in how to manage their income versus their expenses.

  4. lil_darlin says:

    they should be banned. they take advantage of that scared and helpless feeling you get when you got to have money now and are afraid of a bank or loan financial company turning you down.

  5. I don’t think they should be banned but,i think they should regulated more as to the interest they are charging on those loans.Consumers need to be more responsible when taking these loans because these people charge more interest than the mob.

  6. bdancer222 says:

    I don’t understand how they can operate legally now. They definitely exceed the legal threshold for usury laws.

    But I most definitely think we should have required classes starting in elementary school on financial management, including record keeping, banking, budgets, credit, etc.

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