Editorial: “Predatory lending made easy”

By Dan Casey

Dan Casey is The Roanoke Times’ metro columnist.

dan.casey
@roanoke.com
981-4423

Sooner or later I will leave this job at The Roanoke Times.

And lately, I’ve been thinking about the future after a long and fun newspaper career. I will go into business for myself. It will be a consumer lending (ahem) store. I’ll call it “Casey’s Rip-off Loans.” The motto will be “The Loan Shark You Will Love.” And our advertising slogan will be, “We cheat you honestly, unlike those other chiselers.”

Loan-Shark Lenders Have Date With Hangman: Jane Bryant Quinn

. “The consumer-credit industry can dream up any sneaky product it wants and no one polices it for harm.”

Commentary by Jane Bryant Quinn

June 3 (Bloomberg) — Pity the neighborhood loan shark.

The credit-card companies have stolen his customers by taking a softer approach to charging outrageous interest rates. During the subprime lending boom, mortgage banks shouldered into shark territory, too.

Loan sharks are called mobsters. Thieving legitimate lenders are called capitalists — free to impose any terms short of kneecapping on their troubled borrowers. Washington treated capitalist sharks as role models and beloved campaign contributors — that is, until the economy collapsed and debtors (aka voters) emitted a collective scream.

Virginia House Panel Gives Its OK to Predatory Loans

The News & Advance
Published: February 12, 2009

A House of Delegates committee has endorsed car title loans with exorbitant interest rates that can exceed 300 percent annually.

Editorial: Cast out the predators

Lawmakers miffed that payday lenders took advantage of them should seek more than ‘reform.’

Payday lenders couldn’t leave bad enough alone. Last year, lawmakers “reformed” the industry just the way it wanted. As a way to say thanks, the usury lenders rolled out a “new” product — larger, open-ended loans with unlimited interest rates — that is even worse than the last.

Payday sharks circle in the VA General Assembly

Published on HamptonRoads. com | PilotOnline. com

Even when predatory lenders are forced to play defense, they still call the shots at the state Capitol.

After legislators adopted modest consumer protections for payday loans last year, some companies simply circumvented the spirit of those reforms by offering a new kind of loan.

Letter to the Editor: Payday Loan Became Vicious Hook

We, the people of this great commonwealth, owe ourselves freedom from exploitation by payday lenders. This must not be just a problem for lower-middle- class workers.

We each have different needs. So we each seek different solutions. The solution should not turn into a bigger problem, as payday loans have.

A Conservative approach to payday lenders

EDITORIAL: Many reasons to pause on ending payday lenders

The Virginian-Pilot
© December 16, 2008

Predatory lenders are living on borrowed time, but should President-elect Barack Obama jump in to pump the final bullet into this discredited industry?

Credit Unions slowly fill void as Predator Payday Lenders leave D.C.

By Jordan Weissmann
Washington Post Staff Writer

Stephanie Vann used to rely on payday loans to cover her rent and summer camp for her three children. She felt ashamed and kept her finances secret. But the short-term, high-interest loans seemed to be her only option.

Now, if the single mother needs a loan, she works with the Treasury Department Federal Credit Union. She can get longer-term loans for small amounts to tide her over — and at vastly lower interest rates.

Killing regulations costs a lot

Any reader of this page knows that “payday lending” is alive and well in the Valley, especially given the often bright appearance of the facilities housing such services. Nine such lenders are here locally, while nearly 800 are sprinkled across the Commonwealth. These payday lenders, a recent report in the Richmond Times-Dispatch revealed, spent millions of dollars during the last year to fend off plans to tightly regulate their business.

5 Stupid ‘fixes’ for money woes…

Desperate times can make for bad decisions. Remember: If a solution sounds too good to be true, it probably is. And the words ‘quick and easy’ should set off alarm bells.

By Liz Pulliam Weston

A souring economy brings many unpleasant things. Layoffs. Bankruptcies. And what can only be called the Bad Idea Brigade.

Most of these are businesses that thrive on consumers’ desperation and desire for a quick fix. Their advertisements on the Web, radio and television are kicking into high gear right about now.

Out of money? Don’t worry, they say, you can hock your next paycheck or your car. In debt? They’ll make it go away or at least make it more “affordable.”

Or maybe you’ve come up with your own “solution” for a money problem: raiding your retirement funds. The money’s just sitting there, right? Here’s what to think about the next time you’re tempted by one of these fixes: