Arkansas Blog

I watched one of 'these' legislators (didn't catch his name) explain how he was REALLY protecting the state's poor rather than helping the loan sharks. Yeah...every poor person deserves the chance to be charged 600 percent interest. (Though I didn't catch his name, I got his face; and he's toast in my book.)

zelda, you can scroll through the rogues' gallery here:

http://www.arkansas.gov/government_rep_results.php

It's scary how much alike they look.

While they're at it...why not have a general discussion about mainline banks charging 27 bucks for a returned check. I think I was about 20 before I had 27 bucks...so I consider that to be big money.

And in case you didn't know Payday Lenders spread all kinds of money around at election time, so chances are your representative was bought off late last year.

Add to that the fact that most of the owners of these Payday joints hide their identity, so they may live right next door to you and you'd never know it. It's as Mafia as you can get without being named Soprano.

With the market in shambles recently, it is becoming tougher and tougher to get a loan. The standards for getting a loan are getting harsh, and limits on credit cards are going down. The worst part is that this might only be the beginning of an already bad situation. Some fear that consumer and businesses will stop borrowing money all together. Most people with good credit can still get a loan if they have a steady job and are not currently in debt. But not all people meet these qualifications and can be accepted for a standard loan. But thankfully for them, payday loans are still readily available to consumers to provide extra cash when they are in need. If something unexpectedly goes wrong and you need money to fix it, but are currently facing financial difficulty, you can still apply for a payday loan with a very high chance of being accepted, much higher than a standard bank loan. All you need to be accepted for a payday loan is a steady income, so that you will be able to pay your loan back. You usually don't even have your credit checked. The best part is that in most situations you will likely pay only about 15% interest on your loan.

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