Why don’t credit unions just compete?
September 3, 2008 | Ohio, alternatives, industry, states | Comments (2)The Buckeye Institute blog has a great post today:
If these {Credit Union} loans are such a good deal why do we need a law that effectively bans payday lending? Payday lenders can offer their products and credit unions can offer their products. If those who attack payday lending are right that borrowers are being exploited and robbed by payday lenders then it stands to reason that the credit unions would take over the market, wouldn’t it? Why would people continue to borrow from the evil payday lenders if they can get such a good deal from credit unions? The answer is that people are being offered a service by payday lenders that they actually prefer over their other alternatives, including credit unions.
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Why do that when they can have the competition removed, isn’t that the American way?
All they have to do is pad a few pockets and they get what they want