‘Im all for this. Payday lenders are scum .I know someone who due to a hospital bill, got a car title loan. They raped him. He ended up paying 5000 percent. Governor Kemp here in GA is good friends with these scum..
Yeah, I know some people will not be able to get credit at those rates. But maybe those people need to declare bankruptcy or make other drastic lifestyle changes sooner rather than later to deal with it.
Personally, I was glad when Pennsylvania drove the payday lenders out of business. We have enough crooks in this commonwealth as it as and don't need to be subsidizing others. And make no mistake about it, we do. When payday lenders and crooks of similar ilk suck people dry, they are on public benefits for longer than they would otherwise be and/or begin to see it as a permanent lifestyle. It needs to be painful, stigmatized and as temporary as possible.
“Payday lenders are scum”
Many of them are part of well known Wall Street firms, hiding behind tacky strip mall exteriors.
Subprime lending version 2.0.
Make the loans, collateralize the paper, sell it to investors.
The only good part for the rest of us is that unlike the subprime mortgage market, payday lending is too small to wreck the global economy if all of the borrowers default.