Rapid City Journal- A newspaper editorial board with common sense!!
April 14, 2009 | federal legislation, industry, positive media coverage, regulation | Comments (1)An editorial from South Dakota’s Rapid City Journal, Find Compromise on Payday Loans
…But the truth probably lies somewhere in between and we hope Congress can ferret it out, regulate the industry and meet the needs of the people who have no other options.
Comments»
payday loans are the modern equivalent of loan sharks, usuary written into law by the selfish, self-serving politicians who want donations from the 25-35 percent rate lenders, who want their thievery institutionalized forever. it is insane, and i want them all shut down. my son foolishly took a title loan, then couldn’t make the payment. he came to me to borrow $50 to make the first payment. i went to the loan (company?) and asked how much of the $50 payment woule be applied to the principal. want the answer? on a $200 loan (first payment, $50) $48 to interest and $2 to pricipal. outlwa it and throw these thieves in jail, for a long time!!!!