Payday Loan Restrictions Under Consideration

Posted On: September 4, 2010 at 8:54 a.m.

Filed Under: fast cash jackson county quick cash

As the payday loan industry makes a push to fight against the fierce legislation that is hurting their fast cash businesses, individuals are speaking out against the problems these new laws incite. In Mississippi, the argument is that laws that restrict lending practices hurt both the consumers and the people who work for those companies. Here are some interesting developments: “Restricting the high amount of interest a quick-cash company charges its borrowers would put the company out of business, Scott Putnam told the Jackson County Board of Supervisors on Monday. Putnam told the board people in Mississippi need the option of payday loans. He said they are a cheaper option than the alternative, which is writing a bad check and being charged an over-draft fee by a bank or credit union. [[ads]] Speaking on behalf of an association for quick-cash lenders in the state, he also said 4,000 people in Mississippi make a living writing short-term, high-interest loans. Putnam’s plea, along with calls they got from legislators and state financial officials, convinced some members of the Board of Supervisors to reconsider a stand it took last week against predatory lending that exploits low-income and desperate people. The board had voted to ask the Legislature to let laws expire that support high-interest loans and then cap annual interest rates at 36 percent” (http://www.sunherald.com/2010/08/30/2440145/jackson-county-board-reconsiders.html).

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