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Wednesday, February 07, 2007 

Dems Working To Save Payday Lenders...

As the Truth Blog highlighted Monday, Democrats in Arkansas are huge beneficiaries of predatory payday lenders, with the state party receiving $36,800 in 2006. So it is no surprise that they are now trying to use smoke and mirrors to distort the facts.

The question remains, why do the Democrats continue to fight for payday lenders? Is it because they are large donors, having given $10,000 to Ross and McDaniel in 06, or $4000 to Beebe? Why are payday lenders not subject to the Check Cashers Act of 1999?

Here are some facts that address the myths the payday lending industry would want you to believe:
  • Did you know that there are 275 payday lenders yet only 127 McDonalds Restaurants? I wonder what that says about profits of payday lenders?

  • Did you know the "effective annual interest rate" for these loans are between 372-869 percent? The average payday borrower pays $800 to borrow $325.

  • Did you know that the average "payday borrower" is rolled over 8 times on a single loan? That means they are only paying down the high interest designed to keep them paying.
Here is a good link to real life stories of payday lending abuse:

"Payday lenders tend to prey on low-to-moderate income families, college students, military personnel and the elderly. They prey on our friends, our family, and people just like us."

While the Democrats are looking out for payday lenders, who is looking out for us? We hope the legislators will end this predatory lending that is costing our friends and families billions of dollars each year...

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