Comments on: Report: Payday lending fees damage urban, rural areas

By: Cyber Caf

Cyber Caf — Wed, 23 Mar 2011 03:14:18 +0000

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By: Buck Feshear

Buck Feshear — Wed, 24 Feb 2010 03:43:55 +0000

One of the reasons for check advance places to exist is because the banks will NOT give such short-term loans at such low rates. Try going into Central Bank or Fifth Third or Forcht Bank and asking for a loan of $200 to be paid back in two weeks. They will laugh you out of the place.

By: piked

piked — Wed, 24 Feb 2010 03:23:13 +0000

We are all talk no action on this issue.
KY’s largest bank Republic is a big national player mostly in Tax Refund Anticiation at 162% interest.
Jack Conway has solicited thousands in donations from Pay Day lenders for his Senate Campaign

By: daniel

daniel — Wed, 24 Feb 2010 01:38:39 +0000

I expect the individuals that represent the alliance to stop this industry are a bit wierd and do not appear to be normal.
The KET program was not a good representation for the alliance to stop the payday lenders. Something was just not right with the folks. It was a very odd show that night. If I were a legislator – I would not put much stock in the anti industry folks.

By: Capitalism is dead

Capitalism is dead — Wed, 24 Feb 2010 01:31:52 +0000

borrow 200 payback 203 is still higher than the 36% cap would allow.

By: Capitalism is dead

Capitalism is dead — Wed, 24 Feb 2010 01:26:57 +0000

Why not wait for the current legislation to take effect before we jump into anything new. Lots of time and money was spent on it.

Its a database that will cripple the industry. If other states are any example, you will see these places close up shop fairly quickly once it is implemented. I would bet that close to half are gone before we see 2011.

Lets not also forget that the banks will fill the void of the payday loan places. Many already offer a product with rates AS LOW AS 120% APR. Those same products carry rates AS HIGH AS 3650%. They carry little risk to the banks because they are only given to those with direct deposit and the bank takes its fee plus principle before the customer sees any of his paycheck.

By: thought

thought — Wed, 24 Feb 2010 00:54:52 +0000

That $3 fee is for the first time only. That is how they reel you in. There is also an issue with online lenders illegally making loans to Kentucky residents. Once they get access to your bank accounts they will deduct just the “fee” to renew each time and make it impossible for you to contact them to pay it all off. They also keep taking and taking even after all is paid. They force people to have to close their accounts to make it all stop. Way to go on trying to regulate this industry. It is the online ones that are the most predatory. If people only knew that they were illegal and that they morally didn’t have to pay back more than they borrowed but, legally don’t have to pay a thing back and their is nothing they can do about it. (As long as they don’t have access to your bank account numbers)

By: Ponzio

Ponzio — Wed, 24 Feb 2010 00:35:43 +0000

With such a small profit margin, it makes one wonder why so many of these places exist – methinks perhaps you misrepresent.

By: Equality

Equality — Wed, 24 Feb 2010 00:03:08 +0000

I think these places should be limited even more than the proposed legislation. I understand that people should pay their small loans back in time, but I also know some people aren’t intelligent enough to read the fine print and understand the financial trouble they’ll be in if their payments are late. I believe in treating people humanely; making huge profits which can devastate a family is not humane.

By: bibo

bibo — Tue, 23 Feb 2010 23:33:33 +0000

every year, kentuckians spend millions of dollars at payday lenders in neighboring states. Why not open it up so those dollars stay in KY?

If this argument is good for expanded gambling, why not for this industry?