Comments on: Comment of the Day http://paydaypundit.org/2009/01/26/comment-of-the-day-59/ News and Information About The Payday Lending Industry Tue, 15 Jun 2010 10:29:51 -0700 http://wordpress.org/?v=2.9 hourly 1 By: Jon Schultz http://paydaypundit.org/2009/01/26/comment-of-the-day-59/comment-page-1/#comment-2915 Jon Schultz Mon, 26 Jan 2009 17:43:24 +0000 http://paydaypundit.org/?p=2346#comment-2915 If the government, federal or state, can tell a lender how much he or she can charge, then it can tell every doctor, lawyer and free-lance maid how much he or she can charge as well. I don't think the wisdom and honesty of politicians can be trusted for them to have that much power over our lives; a free market system is better. Laws against deceipt and dishonesty in commerce are the regulation which is needed; businesses should be required to adequately inform potential customers everything they should know about the goods or services being offered, including, in the case of loans, potential extra charges and collection procedures in case of default. What we need is better overall principles and less specific regulations, which in too many cases are simply ways for politicians and activists to exercise more power and control. When Crosby Stills & Nash sing "Let a man live his own life; Rules and regulations who needs them," they may be exaggerating, but they have a point. If the government, federal or state, can tell a lender how much he or she can charge, then it can tell every doctor, lawyer and free-lance maid how much he or she can charge as well. I don’t think the wisdom and honesty of politicians can be trusted for them to have that much power over our lives; a free market system is better. Laws against deceipt and dishonesty in commerce are the regulation which is needed; businesses should be required to adequately inform potential customers everything they should know about the goods or services being offered, including, in the case of loans, potential extra charges and collection procedures in case of default.

What we need is better overall principles and less specific regulations, which in too many cases are simply ways for politicians and activists to exercise more power and control. When Crosby Stills & Nash sing “Let a man live his own life; Rules and regulations who needs them,” they may be exaggerating, but they have a point.

]]> By: Chris F http://paydaypundit.org/2009/01/26/comment-of-the-day-59/comment-page-1/#comment-2914 Chris F Mon, 26 Jan 2009 17:18:19 +0000 http://paydaypundit.org/?p=2346#comment-2914 Internet lending may be good for the consumer, but no regulation is bad. The average consumer can not tell the difference from a legal and illegal lender. There are many on-line lenders that have set thier business model up in a way that both protects the borrower and lender, but for the average consumers it is difficult to determine. If there were one set of guidelins that established the rate per 100, roll-over procedures and collection procedures, the consumer would save money while the market would open up vastly for legal lenders. Internet lending may be good for the consumer, but no regulation is bad. The average consumer can not tell the difference from a legal and illegal lender. There are many on-line lenders that have set thier business model up in a way that both protects the borrower and lender, but for the average consumers it is difficult to determine. If there were one set of guidelins that established the rate per 100, roll-over procedures and collection procedures, the consumer would save money while the market would open up vastly for legal lenders.

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