Senator Bob Corker wants to exempt payday loan outfits from the financial services “reform” legislation currently going nowhere in the US Congress.
This is primarily because the payday boys have contributed handsomely to the Senator’s campaign, but of course that’s not bribery, it’s just a way of expressing admiration.
America’s loan sharks no longer operate in back alley offices with enforcers on the payroll. They’re out in the open, happily fleecing the poorest Americans while our leaders get rich on their takings.
Here’s their pitch to be exempt: On Monday, the nation’s largest payday lender, Advance America of Spartanburg, S.C., said in a filing to the Securities and Exchange Commission that “any federal law that would impose a national 36 percent A.P.R. limit on our services, if enacted, would likely eliminate our ability to continue our current operations.”
Gorilla thinks: “The mafia has set up shop in Tennessee! Now that’s a corker!”
Tags: payday lenders, Senator Bob Corker
I disagree. Payday loans provide a service for everyone that needs some cash . In most cases if paid back quickly the interest rates or fees are very small. These companies also assist in check cashing. Often times the payday loans company gets a bad rap, but they do offer services to people that are in need that may not be able to get any other type of advance to help with their cash flow problems. I’ve used pay day loans to pay a bill due on Wednesday when I get paid on Friday. You just have to understand the service