Mother Jones - Comments for "Preying on Payday"

Should be avoided

Payday loans are notoriously fraught with fraud and dishonest dealers. My sister took out a payday loan and ended up having to pay much higher fees and penalties for breaking the rules in the fine fine print. I would recommend staying away from them. There are many fast payday loan offers online, some of which may be valid, and who knows, sometimes we all get into a pinch when we might need this sort of help, but I would just as soon avoid it at all costs.

Ontario is taking steps to

Ontario is taking steps to provide additional protection for users of payday loan services. Beginning April 1, 2009, users of payday loans will benefit from stronger consumer protections in the Payday Loans Act, 2008. www.unclepayday.ca Set a maximum total cost of borrowing cap for payday loan agreements in Ontario of $21 per $100 borrowed, as recommended by Ontario's Maximum Total Cost of Borrowing Advisory Board.

Individual consumers need to be able to have a choice in their credit decisions. As gas prices climb, rents jump and the price of a home slips from the reach of the average person. http://personalmoneystore.com. Payday loan services are becoming more and more necessary but to people who don't need advances look down on the business; the ones who need them are only willing to counter fees to avoid the even costlier penalties associated with bouncing checks. However, it would be nice if people began to take some responsibility for their own actions and stopped whinning. Credit is credit no matter what kind and some people can not handle it no matter where it comes from. Customers have a responsibility to find out the rates when they borrow, they choose to borrow so they should look for the best rates.