Urban legends and payday loans
May 30, 2008 | industry | Comments (1)More from paydayfacts.org…
“There are many myths that have become part of our culture. Some of these are propagated by books and TV while others are told around campfires. Since the advent of the Internet, a new forum for the dissemination of tales designed to frighten, intimidate, and bewilder has proven to be a double-edged sword. On the one hand, well-supported facts and information is just a click away, but on the other hand, lies and half-truths have never been spread as fact more rampantly.”
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Interesting articles released today indicating Foreclosures in Military Towns Surge at Four Times U.S. Rate . Bloomberg issued the main story: http://www.bloomberg.com/apps/news?pid=20601109&sid=awj2TMDLnwsU&refer=home
Interestingly, CUNA the Credit Union National Association somehow used the study as a way to try to bash payday lending, despite the 36% APR cap on payday loans to members of the military and their family. Here is the CUNA article: http://www.cuna.org/newsnow/08/system052908-10.html?ref=hed .
If anything the shows at least a correlation suggesting the opposite. The federal government capped the rate on short term credit to members of the military, lenders stopped providing short term credit to military members , and now foreclosures are higher.