The Growth of Online Payday Loan Industry
Do you think that the payday loan business will be a new trend in America? Some say that it’s a saving grace for the economic crisis while some are convinced that it’s a trap exploiting most families.
On street corners and strip malls across America, payday loan offices have been sprouting long before Wall Street collapsed.
It’s quite evident that hard times began hitting average families long ago. Years before recession, the growth of the payday loan industry has been noticeable. Now, consumers are really using these payday loans to cope with their creditors.
Attracted with quick money even at interests of at least 500%, people with bad credit still take advantage of this loan . It is considered as a lifeline to the poor but still condemned by others as a trap that exploits families in crisis. Although some states passed laws regarding the limitation of interest rates, there is one remaining marketplace that has no borders – the internet.
Americans have been ringing up high record debt. In a Capitol Hill, lobbyists and online payday lenders honed their arguments against reform to Congress. Conversely, a small town near the border of Virginia-North Carolina need to learn from the experiences of one man who googled “bad credit loans” and then later found himself deeper into trouble.
Chairman Chris Dodd (D-Conn.) scheduled a time to review a bill passed by Dick Durbin (Illinois senator). It’s called “Protecting Consumers from Unreasonable Rates Act” – it has been referred to Senate Banking Committee chaired by Dodd.
According to the bill, there should be a 36% national cap for interest rates. And so far, Dodd has not scheduled a hearing for it.
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