Comments on: Payday delay? Tough luck, buddy http://paydaypundit.org/2009/01/02/payday-delay-tough-luck-buddy/ News and Information About The Payday Lending Industry Fri, 18 Jun 2010 21:33:31 -0700 http://wordpress.org/?v=2.9 hourly 1 By: Payday Pundit http://paydaypundit.org/2009/01/02/payday-delay-tough-luck-buddy/comment-page-1/#comment-2780 Payday Pundit Sat, 03 Jan 2009 00:12:24 +0000 http://paydaypundit.org/?p=2207#comment-2780 Arthur Ham is spreading misinformation. In NO state have payday loans been "prohibited." Rate caps have forced payday lenders to leave because loans become unprofitible as the editorial points out. Arthur Ham is spreading misinformation. In NO state have payday loans been “prohibited.” Rate caps have forced payday lenders to leave because loans become unprofitible as the editorial points out.

]]> By: Arthur Ham http://paydaypundit.org/2009/01/02/payday-delay-tough-luck-buddy/comment-page-1/#comment-2779 Arthur Ham Fri, 02 Jan 2009 23:50:48 +0000 http://paydaypundit.org/?p=2207#comment-2779 <i>Payday loans often amount to a bad deal. But in some cases they make sense. </i> True enough, but every time a statute is passed that tries to preserve the good payday loans while preventing the bad ones, the lenders recraft the product to evade the regulations. Then the bad loans proliferate all over again. Witness Illinois, Texas, Virginia.... Eventually the reformers decide to prohibit the thing because you can't rehabilitate sharks. Payday loans often amount to a bad deal. But in some cases they make sense.

True enough, but every time a statute is passed that tries to preserve the good payday loans while preventing the bad ones, the lenders recraft the product to evade the regulations. Then the bad loans proliferate all over again. Witness Illinois, Texas, Virginia….

Eventually the reformers decide to prohibit the thing because you can’t rehabilitate sharks.

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