Posted on29 March 2011.
Some folks in Rhode Island are trying to compare payday lenders to banks, although banks don’t offer small dollar loans.
Pay-day lenders in Rhode Island would have to charge the same interest rates as banks and other financial institutions under a proposal in the Rhode Island General Assembly.
MayDay Loans: Cordray was nothing more than Warren's attack dog....
PDL Industry: A loop hole exists when people try and circumvent...
Carley: Yup, that'll do it. You have my appecraiiton....
Aggy: This makes everything so comlepltey painless....
Lori: If you ban payday loans. Were will those people t...
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What a farce. This is the problem in communicating with what can only be described as a financially illiterate public. Most people believe the federal reserve is both a part of the Federal government and that they actually have some sort of reserve. Comparing the oligarch protected mega-banks with small and medium sized companies that provide payday lending is disingenuous, at best. It’s like comparing a local independent gas station to government subsidized Haliburton.
I would fully endorse the idea of equal interest rate charges the day that (1) payday lenders could take deposits, (2) payday lenders could take part in fractional reserve lending, (3) payday lenders could lose billions in bad bets/loans and then get bailed out.
This makes everything so comlepltey painless.