Topic: Payday loans should be banned
Given the immense amount of media coverage regarding the pernicious impacts of payday loans, there is no asymmetry of information regarding their impact, and therefore people can make informed decisions to get a loan.
high interest loans are abusive and plunges people more into poverty
i completely agree, they should be banned
i think that payday loans shouldn't be banned because is important for students
i think the same as you, they should ban
if a person needs money between paydays for important things such as medical care, they should be able to take out a payday loan.
if payday loans are used sensibly they can provide a quick fix if you need money quickly without having to resort to borrowing from criminal lenders.
if people understand the risk involved they should be allowed to do it
if regulated properly this is a valuable source of credit for those most in need of financial aid for short term relief
if someone needs an advance they should be able to get it, and it should be on goodwill that they repay.
Instead of banning payday loans, we should require them to assess the ability of individuals to repay, which would avoid the overarching problem of these loans creating cycles of debt.
irresponsible lending such as payday loans was a huge contributed to the worldwide economic and banking disaster
it has too high fees and for some people will be hard to pay
it is a free country so people can set up any business they want
it is not fair for families especially poor ones to pay fees in the form of interest over the money that they have already earned.
It is not the government's role to protect citizens from bad decisions.
it provides instant cash and almost everybody can get it
it shouldn't be banned because if an emergency happens it can come in handy and everyone knows the risks when they take one out.
loans only further encourage people to take on debt and buy things they can't afford
loans should be regulated or prohibited because if they are prohibited, there are fewer debts for the state
Many of the problems with payday loans would be eliminated if there was increased oversight to enforce regulations and proper business practices that are already codified.
Many payday loan companies engage in abusive collection practices including revealing personal financial information to unauthorized persons (such as friends and employers) and threatening jail for non-payment.
many people don't make enough to have any savings so this is their only option in an emergency
most people use these loans responsibly and pay them back on their next paycheck, why should we take this option away from them in an emergency?
no one is physically forced to take out a payday loan
nobody is forced to take out a payday loan so they should not be banned.
nobody is forced to take out a payday loan; their existence affords the general population a choice of ways to borrow money.
oay day loans provide financial relief to those with limited means and can help provide necessities such as food and clothing as well as rent and bills.
One could argue that these payday loans sometimes do help people with short term problems