Let me make it clear about Big Nanny places Her Foot Down – No More loans that are payday!

Let me make it clear about Big Nanny places Her Foot Down – No More loans that are payday!

This week’s “Daily Journal” guest columnist is George Leef, vice president for research during the John W. Pope Center for Higher Education Policy.

In 2006, new york joined an increasing directory of states that ban “payday financing.” Pay day loans are tiny, short-term loans designed to employees to produce these with money until they receive their next paycheck. The price of borrowing like that is high, showing both an amazing danger of non-payment and high overhead expenses of working with numerous small transactions. I’dn’t borrow cash this way, however it is an adequate amount of a small business to guide huge number of payday financing shops throughout the nation, making a few million loans each year.

But no more in new york.

Pointing into the cost that is high of cash in that way, a coalition of teams claiming to express the indegent stampeded the vermont General Assembly into placing all of the payday-lending companies away from company.继续阅读