From time to time, people leave comments about their payday loan experiences, both good and bad. To change things up a little, we wanted to hear from our readers if they’ve ever gotten a payday loan themselves. We wanted to see how many people who read this blog have had to use them in the past, and what kind of experience did they have.
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Today, payday lenders have numerous opponents in almost every state with a variation of the same message. “Payday loans are loan sharks”.  A special interest group, Arizonans for Responsible Lending even launched a television campaign featuring a “Lenny the Loan Shark”, a fairly predictable ad that features a slick, greasy looking Italian guy. Before viewing this ad I may have made the error of assuming someone from Arizona was a New Yorker.
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Legislators in Ohio and other states are continuing to cap payday loans to 36% or lower. The lower interest rates has already forced over 150 payday lenders to close their stores. Politicians in Ohio took away a financial choice that people prefer, and for many, are their only choice.
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There is a new phone scam where phony debt collectors call posing as law enforcement officers, lawyers, bankers and other professionals with authority. The targeted consumer is falsely threatened with arrest for committing bank fraud. They are very intimidating and scare and confuse consumers with legal and financial jargon. The goal of the scam is to get your bank information so you can wire the money you owe so you won’t get arrested.
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Following Pennsylvania’s interstate payday loan legal lead, Minnesota is now requiring all cash advance companies making small loans to Minnesota residents be licensed under MN law Monday.
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