payday loans
Our government is in the process of passing a law to eliminate payday loans, and I am not really sure why. There is obviously a demand for this type of loan, and if it works for the companies and for their clients then who is our government to put a stop to them. Seriously, a lot of people are in a financial bind and they may need to borrow money from time to time. Our government has always had a monopoly on this industry because it owns all the financial institutions that a person could get money from. Plus everyone is not eligible for a loan at a bank. Some people whether because of a recent job switch, recent unemployment or a bad credit rating can not get approved for a regular loan. I just don't see where our government gets off squashing the competition like this. Isn't the whole purpose of living in a democracy, being able to have competition in business? Then why is it that our government is allowed to create a monopoly on this industry? When they really don't even offer loans to all in the same way that a payday loan place does.
I mean if you apply for a loan at a bank, they don't offer you no fax payday loans, or even free payday loans. They only accept real collateral for a loan or a good credit score or sometimes both. And at a bank you can't get a loan approved in less than an hour with minimal background checks, but at a cash advance place you can.
If you ask me I think that our government should worry about the bigger problems it has and not some payday loan business that is not hurting anyone but the government. Everyone else seems relatively happy with the arrangement. The payday loan industry is booming and many people can get some financial relief from it, even if only temporarily. As the saying go to each his own. Let these people do what they need to do to survive and you just worry about getting our troops back from Iraq...how about that Bush?