Re: Payday Lending Part Deux

Mikko Peltoniemi wrote:
> 
> D.F. Manno wrote:
> 
> > "Effectively" is a weasel word. According to AP, "The bill limits
> > borrowers to four short-term loans a year and caps annual interest
rates
> > at 28 percent." Loan amounts would be capped at $500 per loan, or 25
> > percent of a consumer's base monthly pay - whichever is less.
> 
> That actually seems pretty reasonable to me. This brings down the loan
> to the level of many other quick loans, like credit card advances.
> 
> Of course, it means to Lisa Ann's boss that he won't be raking in money
> as he used to. Which is why he's *****ing about it. I would too, if my
> racket was taken down.
> 
> Now, I'd like to hear from the proponents, why charging several hundred
> % of interest instead of this is in the consumers' interests.
>
It isn't clear how a company can do pay day type loans for rates
that can work for ongoing credit relation****ps. Of course ongoing
credit relation****ps would seem to be a better choice for the
consumer.



-- 
"Question, two men starving to death decide to eat their hair like

spaghetti. Is that funny?"

"Hmmm, well, it depends on if by funny you want to make people

laugh."

-+Eddie Izzard and Joanna Lumley, "The Cat's Meow"