Restricting Payday Loan Companies
07:17 AM PT, Dec 15 2005
I always thought it was the pawn shops that desperate degenerate gamblers gave it all away to so they could get back into the game. But it isn't just the family jewels and heirlooms that can be piddled away since, thanks to payday loan stores, future income can be lost at extravagant interest rates, too. The Las Vegas Valley has been struggling with what to do about these parasite businesses that have exploded in number in recent years. The Sun has a nice round-up of what the various governing authorities are trying.
In North Las Vegas there is a six month moratorium on opening more of these businesses (while new regulations are developed). My suburb of Henderson is trying to zone them into the more obscure and out of the way spots; this is also the approach being taken by the city of Las Vegas and Clark County. Obviously, these businesses are being used and have customers and outlawing them would only lead to the old knee cap busting loan sharks getting the business. Still, these are businesses that deserve plenty of regulation to protect consumers, and it looks like that is starting to happen.
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this is a service many people need. if you have bad credit and all your credit cards are maxed out its better to get a loan from these stores rather than vinnie who gives you 1000 and tells you he wants back 5000 in a month when you only needed 2 or 300 bucks
Posted by: richard | March 31, 2006 at 03:30 PM
I used to manage a payday loan operation. I worked with them from "ground up". I did a lot of marketing for this business. The company targeted all of the downtrodden areas with 25 miles of their business place. They actually set up shop in one of the poorest sections in that area. People flocked to this place. Every week I saw the same faces and same sad financial situations. These businesses thrive on poverty and generate poverty as well. They should be outlawed.
Posted by: Juanita | May 05, 2006 at 02:08 PM