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by jakelazaroff 2695 days ago
> So then they decide to: Ban the bad thing people do for relief when they are desperate. All while not ameliorating the suffering that cause the desperate bad relief efforts.

There's another option, of course: create regulations to limit only the harmful effects of the thing.

It's not like there's some law of economics that says we can't find a way to make loans accessible to people who need money without also enabling predatory lending.
1 comments
towelr34dy 2694 days ago
Except... we have regulations. It's state by state. Meaning, the laws adapt to the needs of the people of each state.

The new laws would have removed 90% of the industry, including my ability to have participated.

I fully supported the limitation of debiting end user accounts, which was part of the legislation.

I'm completely against the need to 'verify someone can pay'... which I read as basically requiring credit scores. Which again, don't really protect people as they have little to do with your ability to pay (just your previous history of payment)

I'm seeing this as filled with details that need to be considered and making decisions to support or oppose based on that.

But please, don't let details or getting to know what you are talking about get in the way of your decision to support something or not.

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jakelazaroff 2694 days ago
I wonder why payday loans are widely regarded as predatory if existing regulations are sufficient.
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towelr34dy 2693 days ago
Because they are.

But that doesn't stop making them a service.

Listen, if you could figure out how to charge even 40% yearly interest on a $100 one week loan (i.e. you'll make $0.7 gross) then you should do it and offer a better service.

Restricting people from accessing the service because you read some outrage entertainment (the news) is not good. To be clear, that is what this law did.

It's like lottery. It's basically a tax on the poor. I hate it. But if it was overly regulated, we'd see the numbers racket come up again. And personally, I prefer regulated markets over black markets.

And to be clear; I think lottery should be further regulated by limiting advertising, and even creating an opt out system for problem gamblers. But if a legislation was passed that had those elements WITH elements that would drive the industry underground, I'd 100% be against it.

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