It is time to be realistic.
Once a payday loan initiative makes it to the ballot box…it’s over.
CRL, {Consumer Federation’s Jeananne} Fox, et al, has won the propaganda war to view the interest on 2 week loans on an APR basis instead of a fee basis. One must also admire their tactic to lower the rate to 36% instead of being truthful and banning them. This way, they don’t have to answer questions about the lost jobs, lost commercial real estate income, lost state and federal taxes, lost credit opportunities etc..