time for change- payday lenders


by problembear

just like president elect Obama, there is little time for his supporters to savor the unprecedented sea change which this country has gone through in the last week. we must hit the ground running to solve many of the problems which locally effect us as well. my pet peeve is payday loan businesses. they prey on montana’s most vulnerable financially strapped citizens. from elderly to youth making minimum wage; from the poorest of the poor working class to the middle class, payday loans, while tempting, usually only make situations worse with 650% interest rates (currently allowable under montana law) which usually create a trap for those unable to pay them back within the original two week pay period.

fortunately, there are many citizen groups working on this and we hope to pass legislation in the upcoming winter session of the Montana legislature scheduled to convene on Jan 5, 2009- just seven short weeks away.

these groups need your stories about friends family or yourself in dealing with payday lenders. please consider sharing them with us here or just drop by my webpage to leave your story. each change we make this year could make a big difference for families living on the edge. if you would like more information on this proposed legislation there is a group in Billings who has approached potential sponsors of a bill to bring these lenders in line with other states who have passed similar legislation. Oregon has a bill which seems to work for both the industry and the people who need their services. finally, if you feel like me that the greed and predation which has occurred accross this country over the past 8 years needs to end, please join us in contacting your state representatives and letting them know that payday lending needs to be curbed and regulated in Montana. if you or someone you know has been effected by payday loans, please consider sharing them with us. your identity will be kept private as always. thank you.

  1. You should make a post about this on my website, http://www.ideasieve.com

  2. I totaly disagree, if you don’t like the intrest rate you don’t have to get a payday loan but dont’ take away peoples right to borrow money where they want to.

  3. we seek to regulate the interest rate from 650% to something more reasonable. nobody is talking about taking your right to screw poor people away. just adjusting the rates allowable in Montana to bring it in line with what Ohio and Oregon recently passed. there is no need to charge that much. it is pure evil greed and decent montanans won’t support your greed anymore.

  4. JC

    OPL… um, borrowing money is not a right. Nor is usery.

    Payday loans can and should be regulated tightly like any other lending instrument. Even moreso now that the economy is diving south.

  5. gaf

    sure would be nice if all of you people who are starting to smell and forage through trash would sit back and enjoy your retirement, instead of trying to save the world. You butt your nose into the business of us Americans who believe in the freedom of choice(s). we don’t need you guys involving yourselves into the decisions we are capable of making ourselves, like a three figure short term loan(s). I can read, I’m aware of what I sign and aware of the interest prior to accepting the terms. You live in Montana because I’m sure you don’t like people sticking their nose into your business, so continue to isolate yourself from the rest of society and enjoy your privacy and stay out of the business of us that choose to use services that don’t concern you

  6. that’s real cute logic gaf. just one problem. you are from richardson texas. why are you butting into a proposed montana law which doesn’t concern you? that’s what this curious bear would like to know.

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