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sydwel April 8th, 2016 8:21pm

Should the payday loan industry be regulated by the government?

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bluerum29 optimistic idealist
04/08/16 4:30 pm

Yes, it's a horrible industry

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demandside New Keynesian
04/08/16 4:01 pm

Of course. If a person knew anything about payday loans, they would recognize them as scams. They are an industry that uses bad loans to profit from low income families that usually have to choice but to take these loans, which tend to have astronomically high interest rates. To say an industry as dangerous as this can't be regulated is like saying roads shouldn't be regulated with traffic lights.

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jvc1133 61535
04/08/16 3:57 pm

If they are breaking the law, charge them, we have enough government regs,
tks Barry. ; )

dxstap Bloomington, Indiana
04/08/16 3:40 pm

I'm fairly certain the pay day loan industry is already regulated in my state.

PeppyHare Do a barrel roll
04/08/16 2:53 pm

You're better off using a credit card or going to a pawn shop

PamGH Washington
04/08/16 2:22 pm

No. Let people be responsible for themselves. We cant save everyone from their own informed actions. We need less legislation not more.

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gow488 Wisconsin
04/08/16 2:08 pm

No, but people really should go do some research before they get a payday loan.

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Squidboy Snarkapottamus
04/08/16 1:52 pm

It should be....but it won't be for a long time. It's a predatory business that screws poor people and makes big profits for rich people. In America, we worship rich people and ignore poor people. In politics, poor people don't make campaign contributions, rich people do. So this is what we are left with. Just pray real hard you never fall on hard times and find yourself in such a bind that you borrow money from one of these sharks.

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MrChris80 California
04/08/16 1:49 pm

On most things, if the question is "Should ___________ be regulated by the government?", Im probably going to vote no. :)

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Ritter97 St. Louis, MO
04/08/16 2:11 pm

My thoughts exactly.

demandside New Keynesian
04/08/16 7:01 pm

So you don't think infrastructure should be regulated by the government. In that case you'd support the removal of traffic lights on the basis they are government waste and hinder free market growth

Ritter97 St. Louis, MO
04/08/16 7:08 pm

Ahem, MOST things. Most does not imply all. Sorry.

demandside New Keynesian
04/08/16 7:13 pm

I think anyone would agree with that. Most things shouldn't, but allowing finance (like payday loans) to go unregulated is what lead to the financial crisis

JennaB Mother
04/08/16 1:33 pm

Absouletly

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dominiclandry
04/08/16 1:25 pm

People need to be more educated about types of loans and what they mean

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sydwel
04/08/16 1:32 pm

Sure, but if you've reached the point of needing a payday loan, that greater awareness may not matter.

dominiclandry
04/08/16 1:44 pm

Idk, good personal finance knowledge could prevent it in the first place