Payday loans are nothing more than a loan shark in disguise using the “free market” tag to their advantage. You are correct, there is a need for quick money, that’s why there are so many scams out there today.
There is only one school of thought when it comes to this type of loan! That is “there is a sucker born every minute”! You can dress up anyway you want to but the end result is exactly the same “loan shark”.
How much money are you willing to take away from good honest hardworking men and women and their children in the name of “free market”? How can you sleep at night knowing that payday loans have taken food from children’s mouths? Is this consistent with the “free market” concept? I think not!
Government control over this? Ha! If there was control over this, there wouldn’t be any payday loans at all. Please tell us a plan for regulating the loan sharks out there? Who is going to hold those accountable for their wrongs when there gone overseas with all of the hardworking peoples money?
Banks have a good system for lending money. Now what about those individuals who have bad credit and don’t have a bank account? If they had good credit and a bank account then why would they go to this free market? They wouldn’t!
Now what is the solution to this you may ask?
Solution 1: Simple, get the people involved and rally against this form of loan sharking and have a meeting with the owners of the payday loan committee and express their concerns against them. If this fails, then lobby to have them put out of business!
Solution 2: Do nothing at all and continue to be a slave to your debtor who is robbing you blind!
I think I will go for solution 1! This is a debate and I’m glad to be free enough to tell you these things.
Are payday loans consistent with the free market? NO! unless by saying “free market” you get to rob and steal from those honest people making a living, then I still say NO!
In closing I will say this; I love my country and I am very happy we get the right to a free market, but payday loans are not the avenue to use free market as an excuse to take advantage of those less fortunate than others. Thank you for reading my article! Helium ROCKS!