[BITList] 800% loans anyone?

[COLIN TAYLOR]

mike
‘the government finds it hard to get rid of them’.....................but are they on every street corner with a legitimate shop – as they are here?
as you see from the article, the 800% apr is not illegal for the ‘pay day loan’ business.
do I need to add that they have powerful lobbyists? 
note the fancy name of their association - trying to give the impression that they are here to provide a service to the community – and are certainly not loan sharks!

By Fredreka Schouten, USA TODAY
WASHINGTON — Payday lenders have stepped up their federal lobbying as Congress works on sweeping legislation to regulate banks and protect consumers from the risky financial practices blamed for the economic crisis.
The Community Financial Services Association, which represents more than half of the storefront payday lenders, spent $2.6 million in lobbying last year — a 75% jump from 2008 — as it has battled to exempt itself from regulation by a proposed consumer protection agency President Obama wants to create.

The Online Lenders Alliance, the association for Internet-based payday lenders, has hosted dozens of fundraisers for lawmakers at a Capitol Hill townhouse. 

ct




From: Michael Feltham 
Sent: Sunday, August 21, 2011 9:39 AM
To: BitList 
Subject: Re: [BITList] 800% loans anyone?

Colin,

In the UK they are called Loan Sharks.  For some reason the Govt. find it hard to get rid of them

Mike
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On 21 Aug 2011, at 15:10, <x50type at cox.net> wrote:

Caught short of cash –try this!

ct
 

Louisiana lets payday loans flourish.

Published: Sunday, August 21, 2011, 8:30 AM

By Contributing Op-Ed columnist 
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