Let’s get a few things straight.
The pay day lending industry in our state are bottom feeders. They charge upwards of 400% interest on their loans. They fray the base of our society and make our state weaker.
When I read that they have a strong lobby within our state’s legislature I am sickened. Any politician defending these bottom feeders should be run out of office and out of our state too, as far as I’m concerned.
Loaning money in our state should be capped at 30% above prime, a return any real investor would be more than happy to get. The present plan to unnecessarily expand government by implementing a state run pay day loan tracking database should be scrapped.