05-23-2011, 09:22 AM
Do we want our Pahoa neighbors preyed upon by an industry like this?
People who resort to payday lending are typically low-income people with few assets, as these are people who are least able to secure normal, lower-interest-rate forms of credit. Since the payday lending operations charge such high interest-rates, and do nothing to encourage savings or asset accumulation, they have the effect of depleting the assets of low-income communities.(wikipedia)
Payday loans are notorious for gouging consumers. These short-term, high-cost loans use a borrower's personal check for collateral. They carry interest rates of several hundred percent. Payday lenders charge up to $33 per $100 borrowed every 14 days, and borrowers who cannot repay often renew this "advance," repaying the lender in fees far more than the amount borrowed.
Shame on this "PAYDAY LOAN OPERATION" and the OWNER of this property who gives them the opportunity to take advantage of our community.
People who resort to payday lending are typically low-income people with few assets, as these are people who are least able to secure normal, lower-interest-rate forms of credit. Since the payday lending operations charge such high interest-rates, and do nothing to encourage savings or asset accumulation, they have the effect of depleting the assets of low-income communities.(wikipedia)
Payday loans are notorious for gouging consumers. These short-term, high-cost loans use a borrower's personal check for collateral. They carry interest rates of several hundred percent. Payday lenders charge up to $33 per $100 borrowed every 14 days, and borrowers who cannot repay often renew this "advance," repaying the lender in fees far more than the amount borrowed.
Shame on this "PAYDAY LOAN OPERATION" and the OWNER of this property who gives them the opportunity to take advantage of our community.