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.

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