Oregon Fights Payday Lender Scum
It's not as good as West Virginia(who banned all payday lending), but Oregon has taken a first important step to contain the evil that is payday lending.
The new laws should significantly ease the triple-digit interest rates charged by payday lenders and their cousins, auto title lenders. Indeed, payday lenders say the new laws will drive them out of the state altogether. Whether that is so remains to be seen, but the laws still allow payday lenders, through a combination of interest rates and "origination fees," to charge effective annual interest rates of well over 150% on one-month loans.I like this line too:
If that's so, however, the demise of the industry might not be a bad thing at all. Any industry whose best argument is that it can only make money by exploiting the worst of its credit risks, and keeping them in a never-ending cycle of renewals and interest payments, doesn't seem to have much going for it.
Hear, hear.
Tags: Payday Loans, Scams - Ripoffs - Dirty TricksShare This
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