Stale Green Light

Here is an idea for all the liberal whack jobs still trying to get payday loans banned. Instead of trying to protect consumers by banning payday loans, why not protect consumers by teaching them about payday loans? Surely education is the best approach, right?

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MSN Money posted an article today about supposed predatory lenders targeting the military. The claim was that military personnel have steady paychecks, are unlikely to quit their jobs, have little experience in managing finances, and are usually short on cash on account of their lower wages. Great canddiates for payday loans, right? Sounds like ripe picking for those evil payday loan people, right? Wrong.

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I recently confirmed that it will be impossible to secure any payday loans in the very near future. Barack Obama support a national 36% APR cap on interest rates for all loans. This will effectively ban and outlaw personal loans outright. Why are politicians so against cash advance payday loans anyway?

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