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Payday Lending
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  The payday loan industry gives consumers short-term loans to help pay bills, cover emergency expenses or keep a check from bouncing. For those able to pay back the loan in the turnaround period, these loans can be a lifesaver, but for those who default, the interest rates can be extremely high and can cause them to keep rolling the loan over and over again, running themselves into deeper debt. This week state lawmakers consider a proposal to cap interest rates at 36%, which some in the industry say would effectively put them out of business here. We’ll look at the pros and cons of payday loans and their future in the Granite State. Guests
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After having listened to this fascinating discussion, I think Ms. Matson is misrepresenting three things: #1 -- if bank overdraft fees were calculated as an APR, they would be comparable to payday lending fees (which, I might add, are technically FLAT FEES. They are simply required by law to calculate their fees as interest rates) #2 -- that most people would much rather pay a fee to a payday lender than get welfare assistance or handouts from a church (not that payday borrowers are on the skids anyway) and that #3 -- there has to be some sort of PERSONAL ACCOUNTABILITY here! If someone takes out a payday loan and does not budget correctly for when it comes due, that's THEIR fault (and it makes me wonder if the people trying to pass this legislation have a vested interest in helping large banks keep making money from their steep overdraft fees...) I have taken out payday loans before. You know what I do with them? I PAY THEM BACK.
I have taken at least 10 payday loans out over the last 3 or 4 years some of them were from the mans company that was interviewed Mr. Fuller. One time I needed $100 so that 6 small checks would'nt bounce at my credit union - they waited until I borrowed the money before bouncing them. My credit union charges $34 for each bounced check - $204. The loan company charged me $20 to borrow $100 which I paid back when mt ex husband finally did the right thing.
You have to walk a mile in my shoes to understand what it is like to need money. That loan company was nice and the credit union would not lend me the money and I cant get bounced check coverage. Please don't take this service away.
Good Luck Washington DC voted to set limits on interest rates and I hear Check 'n Go have decided to do business as usual they are now saying that they are check cashers and the fee is not interest but a service fee. They are still ripping off citizens despite the legislation. They also violate state laws in several other states ie: Texas Attorney General was investigating them Indiana Dept. of Justice and Attorney General and DFI (Department of Financial Institutions), City of San Francisco has issues with them, State of Florida has settled with them for I believe 10.5 Million for overcharging on interest rates. When Companies like Check 'n Go have deep pockets they do business as usual and just pay the fines.