A New Front in the War on Payday Lenders
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By ignoring the need for firms willing to take the a risk on low-income borrowers, regulators — and Google — ignore the payday lenders’ importance. Not only because the low-income community has no standing with big banks, but because the payday firms serve to educate the individual.
For those who have been in a low-income situation, however, the need for quick, easy loans is apparent.
When I needed access to a loan quickly, I am glad I had a payday loan in my neighborhood. I needed the money then and there and I got it, but most importantly, I was truly happy the lenders imposed incentives to pay it all back. Which is what happened.
Life can be hard at times. And many people need any help they can get. And, they often need help fast. Conventional banks simply don’t offer these services.
Google is a private company and is entitled to decide for themselves who can work with them as advertisers. However, by working with regulators to attempt to put payday lenders out of business, Google is only working to further limit access to loans for low-income households, and making life even harder than it needs to be.
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It’s easy to imagine the Gooferment politicians and bureaucrats sitting in their ivory tower offices “knowing what’s best for the poor slobs”.
In actuality, if the Gooferment hadn’t prevented Walmart from entering the “banking industry”, then maybe Pay Day loans wouldn’t be needed.
The Gooferment Skrules don’t teach “home economics” — or any other kind of economics — so where are folks supposed to learn about money and interest.
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