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Payday-Loan Foes Give Valuable Product a Bum Rap

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'The Law Penalizes the Consumers It Set Out to Protect': Comments of the Week

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

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The problem with most regulatory initiatives and legislation favored by consumer advocates is that they usually fall under the rate-cap umbrella, to ameliorate the trumped up triple-digit APR charge. If lenders could make these loans at a fraction of what they charge, they wouldn't need laws to make them do it; they would do so because they would make a killing serving this market. These loans are expensive for no other reason than they are costly and risky. All the consumer activism and spin in the world can't change that.
Posted by tatkins | Friday, February 22 2013 at 2:22PM ET
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