Does anyone know who I can talk to about getting payday lenders shut down??? I know this sounds crazy, but I am tired of seeing people I know and love in trouble with these things. I personally have gotten into numerous loans and it ruined my life. I have slowly gotten out of that rut but it was very hard a struggle. SHould I talk to a local City Council person or who?? I am at a loss. I just want them to either become better regulated or just out of South Carolina.
2007-11-27 05:37:27 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
Oh I agree with you. I too have dealt with them in case of emergencies (here in MO) but I was cautious and try to avoid using them at all. But it breaks my heart to see them sprouting all over town like the weeds they are, and luring in poor or struggling folk just to REALLY make their lives miserable. I think that God cannot approve of their practices, but hey that is me. As for your question, I think maybe getting petitions started. Go to local churches, because they do despise them as well, and from there go to city and state council and politicians. These things can get traction and become a political issue real fast. Go for it...
2007-11-27 05:39:58 · answer #1 · answered by Anonymous · 1⤊ 1⤋
These leaches are a nationwide problem, and I too know of friends who have gotten into a cycle of usury with these things.
The bad side of this is, who do these lenders get their funding from ? That's right, major banking concerns,...and those folks have the power to defend the payday lenders against any government intervention.
I think everybody who has ever used one of these, should just get a huge advance, close that checking account, and get involved in a class-action suit against these rip-offs !
2007-11-27 05:45:40 · answer #2 · answered by thehermanator2003 4 · 1⤊ 1⤋
I agree too! I have a friend who was given $600 by a payday lender. They knew her checking account was closed and the bank statement she showed them had a negative balance. So why in the hell would they give her money. I told her if they were stupid enough to give it to her.....she would be crazy to pay them back. This is the very reason they shuld be closed.
2007-11-27 05:56:00 · answer #3 · answered by Truely Happy 1 · 0⤊ 1⤋
They are a business meeting a need and making money by doing so. Should people live beyond their means? Of course not. Do they? Yes. There is also the "Buy here pay here" car lot that preys on the same class of people, but the answer is to better educate the consumer and then there would be no need for such schemes that lead to a downhill spiral for most people.
2007-11-27 05:45:17 · answer #4 · answered by oklatom 7 · 1⤊ 2⤋
Someone obviously figured out how to legalise mafia loan sharking didn't they?
This is something that needs to be brought up before the state legislature to get any real action. Some states are beginning to take customer complaints seriously, but the process will not be fast.
In my opinion, the best defense is knowing how to budget and plan because I've been there myself!
2007-11-27 05:47:36 · answer #5 · answered by Anonymous · 0⤊ 1⤋
Try your congressman, Governor, city council person or anyone who will listen. I think those places charge interest well above the federal limit. Try the SC banking dept. too. Those places are rip-offs and should be shut down.
2007-11-27 05:42:25 · answer #6 · answered by doglover 5 · 1⤊ 1⤋
I think there are measures being taken to have them better regulated. At least in Virginia and Alabama, there have been reforms.
People have the freedom to do what they wish with their money. If they want to risk debt, then they can. They know the consequences.
2007-11-27 05:41:09 · answer #7 · answered by Lady Geologist 7 · 1⤊ 2⤋
i dont know how you get them shut down...but I hate those too...its like the business of evil, preying on people who have little to no money
i have seen people get stuck in those situations for months at a time
such a waste of money
2007-11-27 05:40:27 · answer #8 · answered by Anonymous · 1⤊ 1⤋