PAYDAY LOAN RESTRICTIONS TREAT CONSUMERS "LIKE CHILDREN"

An article in the Montgomery Advertiser summed up recent efforts by certain states to restrict -- or even outlaw -- the availability of payday lending:
"Paternalism -- the belief that adults do not possess the ability to take care of themselves -- is the ideology behind bills being pushed in a number of state legislatures. By putting incredibly stringent restrictions on the service, such bills would effectively ban the practice of short-term "payday" lending, no matter how many people use it responsibly in times of crisis."
And the benefits of payday lending?
"The service allows consumers to borrow against a future paycheck, meaning that the car gets an urgent repair, a critical check doesn't bounce, or the heating bill gets paid. Used responsibly, payday lending can help a borrower stave off financial calamity."
We couldn't have said it better ourselves.
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SALT LAKE COUNTY GETS SALTY WITH PAYDAY LENDERS

In what was called a "classic debate," the Salt Lake County Council voted to approve legislation that would limit the number of cash lenders to one per every 10,000 county residents. Additionally it required physical loan shops to maintain a specified distance apart from each other, to limit density.
One council member who voted for the ordinance nevertheless had his doubts about its effectiveness: "What we do here doesn't fix the rate problems, it just grants local monopolies and makes it even harder for the real issue of rates and disclosures to be addressed."
Ten cities in the already maintain legal restrictions on payday lending.


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