New Payday loans to open in Pahoa

[uneedawish]

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.

[808blogger]

are you offering to loan money to "our community" for a cheaper rate or even free since you care so much? is someone forcing these high interest loans on you with violence or coercion?

[uneedawish]

Do you not care about our lower income neighbors within our community? It is better not to get a loan at all than to enter the "vicious circle" a payday loan creates.
I hope you are first in line to get a "payday loan" when it opens, maybe then you can understand.

[Rob Tucker]

So just what do you suggest uneedawish? A legal business does not need your or my permission to open.

[csgray]

Not everything that is legal is ethical. Each individual can decide what they consider ethical business practices in our community.

The predatory practices of payday loan operators have caused them to be made illegal in many states. In the states where they are now required to plainly spell out exactly what their customers are getting into, they have for the most part quit doing business, because very few people would knowingly sign for a loan at 300% interest compounded daily. There is a recent Pentagon report out about what a big problem they are for young soldiers, especially those away from home for the first time. The Pentagon is actually pushing for national regulation for these lenders, because fighting it out in the legislatures of every state they have bases in just isn't practical.

Payday loan operators are a good indicator of the economic health of communities. Healthy economies, no payday loans, but weak economies with many people living from paycheck to paycheck are profitable for these companies.


Carol

[uneedawish]

I am WARNING people in our community that a so called "business" like this will not help, but hinder our Pahoa neighbors. If our citizens do not use this "payday loan" business they will have no choice but to leave our community.
It is surprising that I have to defend my opinion concerning "payday loan" practices.
Think about the consumers well-being first, not the well-being of these capitalistic predators. Shameful!

[Rob Tucker]

Then I thank you for sounding the alarm. Dually noted. I did not ask you to defend anything.... I was just asking what you thought could be done about it except complaining.

[Kelena]

This is repugnant and unfortunate. The mere sign of such a business in a community suggests that the predators have arrived. And at such a distant outpost. While they have the right to be there, the community should not celebrate their presence.

Tourists don't come to see check cashing places and KFC's. I would rather see lava come right up to the edge of Pahoa than to see this filth at the door.

[808blogger]

for a second i thought we were all going to be forced at gun point to purchase high interest loans from this company, i'm relived they are doing business on a volunteer basis.

[uneedawish]

808blogger is COLD HEARTED on a "volunter basis".