Saw a post on payday loans on the There Should be a Law site that I’ve copied here:
“There should be a law making it mandatory that anyone taking out a payday loan complete a 2 hour investment course prior to signing a contract. The investment course should cover interest rates and be paid for by the payday loan companies and administered by an independent organization. They should be available anytime.”
Seems like a good idea that those taking out a payday loan will really know how much it is costing them. When you compare payday loans to other loan options you really are paying a ton of interest. I know more and more states are trying to enact laws to help cut down that interest but in the meantime it would be nice to see those needing a quick loan realize just how much a payday loan is costing them.
P.S. If there is some law that you think should be enacted head on over to the There Should be a Law site at