No comparison
November 1, 2009 | alternatives, federal legislation, industry | Comments (1)Why do payday loans even get mentioned with subprime mortgage lending, which were a central culprit in the economic downturn? People have an agenda, I guess. From the story:
The mortgage brokers churned volume for big subprime lenders such as New Century Financial and Ameriquest Financial, both now defunct. They exploited a regulatory gap to become nonbank lenders, which were regulated only on the state level, and spottily at that.
To address the “liar’s loans” and mortgage-broker trickery, Congress is pushing to create a Consumer Financial Protection Agency. It would regulate consumer credit products such as mortgages, credit cards and payday loans.
Payday loans are the opposite of “liars loans.” They’re the most transparent financial service there is.
Comments»
I have to agree. People look at Payday loans like they are the devil. They are great if used properly and in the right situations.