Fast Cash Loan - Past, Present, Future
What is the deal with the fast cash loan? Good, bad, ugly - what is it? What do you think?
History of the fast cash loan
The history of the fast cash loan, although a short time span only, is colorful and valuable to those seeking to lay the groundwork for the future. As of this writing (summer 2004), 37 states regulate payday loans through specific legislation. In these states that allow the practice of fast cash loan providers to fulfill the need - interest rates are somewhere between 5% and 15%.
Reason for debate of the fast cash loan
Through much of the heated debate over the fast cash loan industry, opponents have often fell upon using biblical quotes and references, all with concentrate on the oft-used 'subjugate the poor' theme. Proverbs Chapter 22, verse 16 is fitting: "He who oppresses the poor to increase his riches, and he who gives to the rich, will surely come to poverty."
Fast cash loan and the bible
There you have it. A fine axiom indeed. Why is it that federal legislators have seemed to turn the other cheek to the fast cash loan industry? We're not sure, but one thing we are sure of is such volatile issues where there is lots of money to be made often get ignored. We are not suggesting we are right in any implication, just pontificating. What does make sense though, is to take action. What can you do? Reach out to your community and state leaders to push for stricter regulation of the payday lending industry. Check to see if your state has attempted to investigate payday lenders who operate within according to protocol of the Small Loan Act. It makes economic sense to regulate this industry. Contact any press, radio or any other media with a consumer awareness concentration.