Should payday loan companies be put out of business?

[ArmoredSaint]

Although I'm a free market advocate, I have to make an exception here. I think that payday lending is nothing more than a legalized form of loan sharking and the purveyors of it make quite a mint off of keeping borrowers in perpetual debt. There has been a mass proliferation of them in the last few years, especially in today's economy. I realize that people have to do their homework on them, but they're still bloodsuckers.

 

[theogt]

Why? Are you saying people are too stupid to not use them if they can't afford it?

 

[bbgun]

Might as well raze the casinos and junk the lottery while you're at it.

 

[ArmoredSaint]

Might as well raze the casinos and junk the lottery while you're at it.

I wouldn't go that far. I play the lottery once in a blue moon and while it's fun, I also recognize that it's a regressive tax on the poor. And while we're on the topic, I've always found it very interesting that Texas has a state lottery but will not allow casinos anywhere in the state. It would definitely restrict the exodus of gamblers to Oklahoma and Louisiana.

 

[big dog cowboy]

Should payday loan companies be put out of business?

Nope.

Just like any other business. You don't like it, don't go.

 

[Kevinicus]

I used to work at one of these businesses. After seeing how much money they make I thought about opening my own. I would never recomend anyone get a loan from these places...if they intend to pay it back. Plenty of these businesses are easy pickings for someone who knows what they're doing to get some easy money. Most of them are quite powerless to do anything about someone who doesn't pay them back. The company I worked for immediately closed out all employees when they were hired so they could never be a customer in the future.

If someone is stupid enough to get caught up paying over and over again (my brother in-law), it's their own fault. I have no sympathy for them.