Payday Lending's Final Days? Not by a Long Shot, Reports Aboutpaydayloan.Com
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LOS ANGELES, July 23 /PRNewswire/ -- AboutPaydayLoan.com - Many payday lenders are concerned over the forthcoming consequences brought upon by the financial bill that was passed by the Senate and signed by the President yesterday. Their concerns regard new regulations on the payday loan industry by the federal government. Many payday loan lenders, such as Payday Loan Trust, believe these regulations are too restrictive and hand too much power to the respective payday loan State. These new regulations will be counterproductive to payday loan business operations, as it will hurt their business and may result in downsizing. In the long run, a new wave of layoffs and shutdown businesses from the payday loan sector will go on to hurt the struggling economy even more.
A recent payday loan article from The Huffington Post claims that the new financial bill will put an end to payday lending because it enables banks to compete against payday lenders for short term high interest loans. According to the article, "If banks want to grow in the future, they will have to adapt their business models to serve the credit-challenged population." In the same article they go on to say that 1/3 of the US population is at high credit risk: lending out money to high risk borrowers will only put banks at more risk.See the full content of this document
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Payday Lending's Final Days? Not by a Long Shot, Reports Aboutpaydayloan.Com
The fact of the matter is, big banks will never be able to compet...
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