Congress on Racial Equality testifies at Ohio payday lending meeting

Niger Innis of the Congress on Racial Equality (CORE) will testify today at a public hearing on payday lending in Ohio chaired by Attorney General Marc Dann.   CORE, which believes in consumer choice and free markets put out this news release.

Show Me Some Numbers

Justin Hauke of the Show-Me Institute provided some interesting numbers yesterday on payday loans in Missouri. Hauke’s numbers highlight that despite triple-digit annual interest rates which people commonly cite, customers only pay a fraction of that in fees. What’s more:
Before readers are outraged at the interest rates being charged on such loans, it’s [...]

Kansas City passes $1000 payday loan business fee

It begs the question, who exactly does this benefit?  The hard-working, tax-paying citizens of Kansas City  wont see a dime of this. In fact, it may lead to lenders charging more to make up for the tax. 
This is government at its finest.  Pass additional regulations that do nothing to help the people who use the business, [...]

Update 2: Arkansas Payday Lending

Most lenders are complying with the Attorney General’s order to shut down.  Advance America is developing a new service according to this article. 
Advance America, which bills itself as the nation’s largest payday lender, will “service existing customers that were in good standing with interest-free loans” until new products up to par with the attorney general’s [...]