This blog post is closed for comments.
lec02572 Feb 21, 2013
Simple question: If payday lending is such a great idea, why are National Banks baned from participating in payday lending by the OCC? National Banks cannot do payday lending, that is a fact. It is predatory lending at its worst. They want to put those individuals that can least affort it in to a cycle of debt. Stopping individuals from getting multiple loans is not the point, it is the 435% interest rate that is so horrible.
Wirklich Feb 16, 2013
Hilarious! NC Republicans want us to believe they are helping the poor by inviting PREDATORY lenders to siphon whatever they can from some of our poorest citizens. At least the current regime has been consistent so far, doing all they can to make sure their business buddies and their lobbyists can make a buck off the poor, while voting further cuts for programs that help the poor. Unjust! These businesses were not welcomed before, and we don't need the now! But the fact that they have listening ears among the Republican legislators says something about what they value most: money over people! Sad...
wolfpackfan0660 Feb 16, 2013
I use to work for one of the companies. They know all the legal loop holes to get around the laws. its a big rip off for anyone who gets these loans. its crazy the amount of interest people pay. they say the interest rates would be controlled but they will find a way to make that money. lec02572...completely agree with ya! check em out!
louisburgpatriot Feb 16, 2013
Glad to see that the liberal operatives from CRL have planted their misleading diatribes on the message board. It is clear no one has read the actual legislation. There are strict regulations in the bill that protect those that desperately need funds. Do some research on who funds CRL - the very man that caused the sub-prime mortgage crisis. Even SNL made a parody regarding their hypocrisy. As far as calling these people predatory is false. Currently, in NC you are able to get cash advances from online companies that are not regulated in the slightest. Furthermore, the bill has a fee. To call a fee an APR, when the bill expressly protects against high interest rates, is an outright lie. $15 per $100 loaned is much cheaper than even an overdraft from you ATM. If we do not give struggling North Carolinians regulated options, they could be forced to visit their neighborhood loan shark in a back alley.
RichardE Feb 15, 2013
Senator Tillman, did you write all those words in your bill? Senator Tillman, how is your campaign financed? Did any of the funds from your campaign come from any of these payday loan companies, their owners or corporations that engage in this practice? Senator, expanding state government hardly sounds like anything resembling republican ideology, how do you explain that?
BubbaDukeforPresident Feb 15, 2013
These places are predators. They know that the majority of the lendees are only going to pay the minimum weekly payment. These places should not be allowed to do business.
Come On_Seriously Feb 15, 2013
I find it odd that a NC Senator would propose that the borrowers be monitored so that they couldn't go from lender to lender to payoff previous loans. Do we actually have these types of resources? I doubt it! lmatthews
That's right. So in the midst of all this hot deregulation, he wants to bring back predatory businesses and then regulate the borrowers(for their own safety, of course) instead of the institutions who profit?
My Two Cents Feb 15, 2013
I so totally agree that this was a bad idea then and it's a bad idea now. And Tillman trying to sell it on how it would be beneficial to the elderly. Please, that is not the core demographic who would utilize these facilities and he knows it. I say keep them out of NC.
oldaltar Feb 15, 2013
This guys now care about people. He votes to reduce their unemployment insurance, votes to expand medicaid and now is pushing for payday lending. What a stage actor. This is what NC have voted in. It is not about the people but special interest.
lec02572 Feb 15, 2013
Payday lending needs to stay out of North Carolina! This is nothing but preditory lending at its worst. They pray on the poor and uneducated charging in excess of 435% interest on short term loans many times rolling them over into new loans. Limiting the number of loans will not work either, its been tried elsewhere. These are not people we want in this state and any legislator who backs the bill needs to be checked for any connection to these people.
lmatthews1948 Feb 15, 2013
I find it odd that a NC Senator would propose that the borrowers be monitored so that they couldn't go from lender to lender to payoff previous loans. Do we actually have these types of resources? I doubt it!
If we do, let's use it to monitor who gets gun permits or buys ammunition at gun shows where they have a criminal problem in their past or maybe some other issues. I'll bet Senator Jerry Tillman would jump all over that idea. Yea, right!
RandolphBloke Feb 14, 2013
Jerry Tillman is a joke and an embarrassment to the people of Randolph County, and now the state. He can't even manage a response to mails and calls to his office. He is more betrothed to special interests and big money than just about any other member of state government he simply goes about it quietly.
Terkel Feb 14, 2013
What changed between 2007 and today to make these loans acceptable? Follow the money.
Published: 2007-10-05 09:38:00
Updated: 2015-01-14 14:37:58