Here come the shylocks | Arkansas Blog

Wednesday, February 7, 2007

Here come the shylocks

Posted By on Wed, Feb 7, 2007 at 5:56 AM

In advance of more action on legislation to curb the excessive interest rates (300 percent sound fair to you?) of the payday lenders, Stephens Media offers a look at the smokescreen being thrown up by apologists for the greedy industry. Like, it's not fair to accurately state the annual interest rate on a loan that might be paid back in a month. Or renewed. Not even if it's renewed. And renewed. But consider this. A loan at a 300 percent annual rate will yield, in interest, 25 percent of the principal amount of the loan in a month. That's still plainly usurious and no less shocking to the conscience, unless your name is Gotti. The payday extortionists have cooked up some window dressing in the form of more regulations -- as if borrowers care about regulations -- to divert the effort to clean up this sewer.

Favorite

Comments (4)

Showing 1-4 of 4

Add a comment

 
Subscribe to this thread:
Showing 1-4 of 4

Add a comment

More by Max Brantley

  • Follow the legislative freebies to legislative action

    Freebies galore on tap for lawmakers today, notwithstanding the alleged ethics amendment that voters thought would end free lobby wining and dining. And don't think this is just about socializing. Health care, software, corporate welfare and more figure in.
    • Feb 19, 2019
  • GOP offers no apologies for Brandt Smith's racial remark

    KATV followed up on responses to the Democratic Party's call for apologies for Republican Rep. Brandt Smith's ugly remark about Democratic Rep. Charles Blake after Blake introduced legislation to redefine the symbols on the Arkansas flag to omit the Confederacy. In short: No apologies.
    • Feb 19, 2019
  • Little Rock School District (J. Key prop.) faulted for dyslexia services

    The Arkansas Democrat-Gazette reports a state Education Department audit has found the Little Rock School District has been providing woefully inadequate help for students with dyslexia. So who's to blame?
    • Feb 19, 2019
  • More »

Readers also liked…

  • Is Arkansas in or out on Kobach voter data effort?

    The Washington Post has published a map that counts Arkansas as among states that will "partially comply" with a sweeping request for voter data by the so-called election integrity commission set up by Donald Trump in an effort to cast doubt on Hillary Clinton's 3 million-vote popular defeat of him in 2016.
    • Jul 2, 2017
  • Rep. Mary Bentley's website now supports gay rights

    Somebody has cybersquatted on Republican Rep. Mary Bentley's website, replacing her messaging with a call for equal rights for LGBTQ people.
    • Jul 18, 2017
  • Sarah Huckabee Sanders becomes White House press secretary

    Sarah Huckabee Sanders, daughter of former Arkansas Gov. Mike Huckabee, is the new White House press secretary.
    • Jul 21, 2017

Slideshows

Most Recent Comments

 

© 2019 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation