Days of the payday loan could be numbered with new regulations on the horizon

[Omaha Steve]

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MATT MILLER/THE WORLD-HERALD

Sherry Rogers works with a customer at EZ Money Check Cashing, one of about 60 such payday loan storefronts still remaining in the Omaha metro area.

http://www.omaha.com/money/days-of-the-payday-loan-could-be-numbered-with-new/article_0565b988-8356-5fb5-acf9-d3a076e250a0.html

POSTED: SUNDAY, DECEMBER 27, 2015 12:30 AM
By Cole Epley / World-Herald staff writer

Diana LaCroix knew she was going to come up short.

Paying to renew her license plates last month cost her $400, money that the 63-year-old widow would have much rather spent on Christmas gifts for her eight grandchildren.

Social Security survivors benefits go only so far, she said, and her family members “are just as hard up as I am.”

So LaCroix a few weeks ago went to the one place she knew she could get a quick financial fix: a payday lender. The transaction netted her about $300.

FULL story at link.

[yeoman6987]

1. I am not sure where Mrs. LaCrox is going to get assistance the next time she needs it.

But why can't these places just pose a smaller interest rate that is reasonable? If they did that then they probably would be left alone and both sides win. Yes even with a reasonable interest rate, the customer wins to by getting out of a short term financial jam.

[randys1]

2. Payday loan companies TARGET military families and the poor.

I talked online to one of the owners of one of the largest chains of these in America.

He mentioned at one point how he was going to start targeting military bases (this was just after the war started in Iraq).

I pointed out to the others in the group what a horrible thing this was, preying on mostly Wives with children of men serving in the war, to get them hooked in and get rich off of them.

He saw NO Problem with it and wondered why I did.

Anyone who would do what these companies do is subhuman.