This is essentially the track some state courts are using to block enforcement of theses loans, generally relying on old usury statutes or cases. However to get one of these loans you generally have to turn over your banking information and agree to autowithdrawal of payments, so the only time legal process becomes an issue is once things have gotten so bad the bank account is empty.
As unsavory as the payday loan industry is there is a market of American society that cannot get typical bank financing or credit and needs these services. If banks would fill the void you would see these companies disappear.
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This is essentially the track some state courts are using to block enforcement of theses loans, generally relying on old usury statutes or cases. However to get one of these loans you generally have to turn over your banking information and agree to autowithdrawal of payments, so the only time legal process becomes an issue is once things have gotten so bad the bank account is empty.
As unsavory as the payday loan industry is there is a market of American society that cannot get typical bank financing or credit and needs these services. If banks would fill the void you would see these companies disappear.
September 30, 2014 - 4:25amThis Comment
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