Stop the Predatory Loan Trap: Vote YES to I-164

by jhwygirl

problembear got to Sunday’s Missoulian editorial endorsing I-164, the citizen’s initiative working at reigning in the payday loan lending industry.

Thought I’d mention that yesterday we had the Billings Gazette with a guest opinion from Linda Reed, president and CEO of the Montana Community Foundation and Uriah King, vice president of state policy for the Center for Responsible Lending, which explains how payday loans prey upon Montana families. Their informative piece lays out some specific statistics for Montana:

In fact, taking out a payday loan and walking away completely paid off after two weeks is an experience that occurs only 2 percent of the time. The remaining 98 percent of loans go to borrowers who don’t have enough money to pay back a loan in full and pay other bills coming due during their pay period, so they are forced to repeatedly float the same $300 over and over. In total, over half of all payday loans go to Montana borrowers taking 13 or more a year — that’s more than one a month! It’s virtually never just a two-week loan.

Legalized loan sharks. Nothing more.

Leave this one to the legislators? Forget about that – reform has been attempted for at least the last 3 sessions, to no avail. Somewhat shamefully, it’s the job of the citizens to protect themselves here.

  1. Thanks J-girl – one week to go to cap the rate on payday lending and vehicle title loans to 36 per cent.

    But brace youself montana for the lies on tv ads. I see that rush limbaugh’s broadcasts are peppered with them.

    Let’s slay this dragon montana.

  2. ladybug

    Now how about employing what we have learned, scale up and tackle the “debt ceiling” Congress keeps raising?
    A larger dragon, no doubt, but another cap that could change lives down the road.

    • let me know if there is a national citizens initiative process for doing that ladybug. because right now, i have given up on congress doing anything helpful.

      corporate lobbyists like to keep the nation’s spending high so they can help themselves to as much of it as they can just like with baucus’s health care monopoly given to the health care insurers. bank lobbyists want us to spend more to bail them out. military companies want us to spend more for unwinnable and endless wars.

      until citizens can vote on it, it will never happen.

      remember that 70% of americans wanted either single payer health care like canada or at least a public option. even that huge majority was ignored by our senator while he simply hired an ex-health care ceo from one of the biggest health care insurers in the country to write the health care reform act exactly like her old company wanted her to.

      we need a citizens initiative in this country that allows citizens to bypass our corrupt congress. otherwise, nothing will ever come out of washington dc except perks for those who can afford to bribe them.

  3. Juhn

    Yeah yeah, people are always complaining about this and that. These loans are high in interest, but they do actually help people. If abused, then yes you get caught up in a vicious cycle.

    If this option were taken away, then many would be bitchin about now they don’t have anywhere to turn, etc.

  4. it’s a done deal juhn. the voters decided 71 – 29 percent to cap the interest rate at 36% last tuesday. montana now joins 19 other states that have passed similar measures by landslides.

  5. Payday Loan Cash Advances is emergency cash, as it is needed most ..usually between paydays! Fill out the online application quickly for two minutes, usually no documents by fax. Fill out the application to the office of the participating lenders and loan funds are available on the street will be talking normally the next working day!

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