Are Payday Lenders Actually a Necessity?

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I was schocked that the movement by payday lenders to have their borrowers write the CFPB(Consumer Financial Protection Bureau) has been incredibly effective. An extremely high percentage of payday borrowers are satisfied, with many lamenting they can NOT get loans from traditional banks and have no choice but accept the borrower reaming terms of loan sharks.

Both Jennifer Sons of Chino Valley, Arizona and Kathy Walsh of Shellsburg, Iowa would  have struggled immensely to get much needed medicine and food had it not been for payday loan establishments. Both of these women submitted hand written notes to CFPB begging them to not shut down payday lending institutions!

I do wonder if both Jennifer and Kathy really comprehend how much they are getting screwed on the high interest rates? Perhaps both of them are in survival mode and not even that cognizant of the rate gouging being inflicted upon them.

Brit Tony Quigley has vigorously gone after lone sharks in the UK where it appears usury rates of some lenders are not tightly regulated.

 

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