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Contributed by mm | March 7, 2007 5:03 AM PST
I'm a believer of free market. As long as the nature of payday loans are properly disclosed, and the industry stops misleading marketing, I don't see an issue with the high interest rates. We have to allow borrowers to make decisions based on free will.
From MSNBC/AP:
Under pressure from lawmakers and consumer groups, the payday lending industry on Wednesday announced changes to educate borrowers and help customers who have trouble making payments on short-term loans.
...
The biggest change would give customers more time to pay back a loan with no financial penalty. This "extended payment plan" would be available at least once a year and provide borrowers between two and four extra months to pay off loans.
Other changes include a $10 million national ad campaign warning that payday loans are not a long-term financial solution and a ban on ads that promote payday advances for "frivolous purposes" like vacations.
Consumer watchdogs remained skeptical.
"This does not solve the problem of triple-digit interest rate payday lending that traps borrowers and leads to repeat borrowing," said Jean Ann Fox, consumer protection director for the Consumer Federation of America.
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Payday Loan ABC Tracks Industry Developments (March 5, 2007)
If not for the news section, Payday Loan ABC is just a me-too payday loan site that seeks to solicit online applications from people in bad credit and in urgent need of cash. It provides up to $500 next-day cash advance to almost all states ...
Do You Know The Pros and Cons of Payday Loans? (November 21, 2006)
Short term instant loans are known as payday loans. These are cash advances that are to be returned with interest on payday. Within a few minutes of applying online the loan will be approved and you will have the cash within a couple of hours ...
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