Interesting proposal
February 2, 2010 | Utah, industry | Comments (1)The Ogden, Utah City Council has an idea:
Payday lenders would also be required to post at the entrance of their establishments large signs in English and Spanish that make the following disclosure: “This business specializes in giving high-interest loans. These loans should not be used as a long-term financial solution. Ogden city encourages you to consider other options for obtaining money if you think you might not be able to repay the full amount of your loan on the date it is due.”
Not sure how I feel about this. It’s actually similar to language the industry used in an ad campaign two years ago.
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I do believe if a study was done we would find the Surgeon Generals warning on cigaretts actually increased cigarette use. I believe a sign like this would benefit Pay Day lenders.