Should payday loans be banned

Stuck in a cycle

It keeps them in an ongoing trap, which they may not be able to pay-off for life. This may lead to mental illnesses, such as depression and anxiety. It can also influence people, emotionally, physically and socially. Pay day loans, will 100 percent put people into debt, this may even effect their children, and future generations, with the lifestyle and atmosphere they are raised in.

These should be capped at no more than 50%

THE poorest members of society are the only ones who use these, they effectively keep them poor. They are a legal comeback to the back street lenders of my childhood. The government is so clever if you keep people poor they will always be subservient to the system having cash is a freedom in our society. They are an appalling affront to a society which supposedly has decant values I don’t think anyone is interested as we are so insular and apathetic and don’t indeed care its a case of I’m alright Jack.

The high interest rates will cause further debt problems

There are better credit alternatives like a bank overdraft, credit card, purchase credit loans (interest free) which are all much lower interest repayment. The interest rate on pay day loans are extortionate. I think the government should ban loans like this, petite loans would be fine if the interest rate is realistic, no higher than 13.9% APR in my opinion. Also for people that are addicted to gambling can you imagine the problems these payday loans will cause for them. Pay day loans are like a modern day loan shark.

Keeps the poor poor

This is in nobody’s best interest. Society needs to look out for it’s most needy vulnerable citizens in my opinion, not only for their benefit but for the benefit of society as a entire. Keeping the working poor stuck in a cycle of debt that might go on for years (I’ve seen that personally) just helps keep them poor. The more people fighting with poverty the worse off society as a entire is.

Keeps the poor poor

This is in nobody’s best interest. Society needs to look out for it’s most needy vulnerable citizens in my opinion, not only for their benefit but for the benefit of society as a entire. Keeping the working poor stuck in a cycle of debt that might go on for years (I’ve seen that personally) just helps keep them poor. The more people fighting with poverty the worse off society as a entire is.

Payday loan ripoff

People with bad credit get caught in a perverse cycle. Payday loan companies take advantage of their predicament bondage by suggesting high interest loans. Suggesting to help people learn better spending habits and saving money is the way to go – not suggesting 600 percent loans and higher to people. The companies have the attitude it is okay to ripoff people.

Just digs people in deeper

If someone indeed needs $500 to budge home (like the Nimble advert) then the last thing they can afford is having to pay it back prompt with big interest or serious penalties. Only the vulnerable will use these loans, and they are the last people that should. If they have a gas bill to pay the, gas company has hardship provisions. If they need to eat, there are charities.

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Yes they should they charge more than permitted by law.

Albeit people have a choice to get them it does not switch the fact that they charge more than permitted by law and it is poor people that they prey on to get their money no person that had money would get one. It is mostly people on SS disability and things like that. Sometimes you have people that don’t have understanding due to disabilities so they get these and have to proceed getting them and the companies know this and they find loopholes in the law and run with them. It emerges the lobbyists are smarter than the legislators.

The masses are funding the super rich.

Lets create a society where the people that cannot afford to eat correctly and rely on benefits to get by, have a instrument where they can borrow money. But get this, it comes at a ample price and affects their credit rating, so they cannot borrow the more affordable money from say a high street Bank. Crazy and totally immoral!

Stuck in a cycle

It keeps them in an ongoing trap, which they may not be able to pay-off for life. This may lead to mental illnesses, such as depression and anxiety. It can also influence people, emotionally, physically and socially. Pay day loans, will 100 percent put people into debt, this may even effect their children, and future generations, with the lifestyle and atmosphere they are raised in.

Stuck in a cycle

It keeps them in an ongoing trap, which they may not be able to pay-off for life. This may lead to mental illnesses, such as depression and anxiety. It can also influence people, emotionally, physically and socially. Pay day loans, will 100 percent put people into debt, this may even effect their children, and future generations, with the lifestyle and atmosphere they are raised in.

Stuck in a cycle

It keeps them in an ongoing trap, which they may not be able to pay-off for life. This may lead to mental illnesses, such as depression and anxiety. It can also influence people, emotionally, physically and socially. Pay day loans, will 100 percent put people into debt, this may even effect their children, and future generations, with the lifestyle and atmosphere they are raised in.

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We the people

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No they are a choice you do not have to get them

Payday loans should not be banned. It is an individuals choice whether or not to sign up for them. If they feel they can help them then they have a right. Payday loans should be monitored to make sure they are not lounging or hiding information about the loan to those that sign up.

Greed of humanity

One could argue that these payday loans sometimes do help people with brief term problems whether that be a violated car radiator or something they need a cash advance for. For that it is a good thing that they get these payday advances. But the percent of interest may be too high which can cause them to be a reoccurring circle of debt. Not only will those drown the person accepting the loan but it will eventually drown the greedy banks who force these peoples into this circle. When a bank makes a brief term loan with high interest, the only way the person will pay it back is check by check until the interest accumulates so much so that they default on the bank. The bank will than have inflated the value of money so much so that not only will they not get paid back the money but the money they do have will be worth nothing. This is the cyclical nature of banks in the greedy world we live in. The most significant thing to note is where the greed starts, and it is in the very loan you take out that you cannot afford, for something you truly don’t need at all.

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