Recently, Washington State passed some very restrictive payday loans. They thought they were helping poor people who find it hard to live on their minimum wages by limiting the amount and frequency of loans from payday lenders. Granted, some payday lenders' interest rates amount to usury, but they provide a valuable service to those people who have no other source of acquiring additional funds for emergencies or everyday living expenses that their paychecks don't cover.
The law was passed because it was lobbied by special interest groups like the banking industry, who would rather see people not be able to get any payday loans... We all know that banks are not willing to lend on a short-term basis to someone with 'less than perfect credit'. It is the old addage..."Keep the poor, poor... And the rich get richer!" The money-changers have screwed the public again.
I have used payday services before and in fact, I currently have an installment loan with one. According to the new laws, I am unable to borrow any more money until the installment loan is paid off. My car just broke down and I am in desperate need of repair funds. I even work for a bank and cannot get a loan! This just pisses me off big-time!
Who does the State of Washington think they are telling people how much and when they can borrow money? Do they think they are protecting us from ourselves? Some people have a hard time budgeting their money and possibly need credit counseling, but the State needs to stay out of people's pocketbooks. They can't even balance their own budget.
I have just tried applying for internet payday loans with no success... Since they subscribe to CL Verify, the tentacles are long-reaching to most other states and I have been denied, denied, denied any and all loans.
Get Big-Brother out of my wallet!
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