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Published January 27, 2012 | By admin

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Pay day lending companies have high dollar lawyers and therefore are probably lobbying a state politicians right now to protect their interests. If enough people complain the states will all want to do something relating to this predatory form of lending.

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These statistics offer a similar experience in most other states. Which means the borrower pays $400 – $500 in loan fees on a $400 loan. This really is absurd usury and really should be illegal because it is not helping anyone except the lender. It is predatory lending at best that just gets borrowers in deeper debt than before.”Some will say, that little man requires somewhere to go,” said state Rep. Eldridge Emory, “Butif he gets money by doing this, he’s just digging a hole deeper and deeper, and he is not going to get out.”Several states like New York have currently banned this form of predatory lending.

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