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College Station weighs strategy for 'predatory' payday lenders - The Eagle: News

College Station weighs strategy for 'predatory' payday lenders

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Posted: Wednesday, June 26, 2013 12:00 am

A proposal in the Legislature to rein in the nearly unregulated payday lending industry fell flat this session and local councilmembers are split on whether to take action themselves.

College Station Mayor Nancy Berry said the city will wait until the 2015 legislative cycle for help while Bryan Councilwoman Ann Horton entertained the idea of local controls.

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5 comments:

  • Nightowl posted at 1:03 pm on Wed, Jun 26, 2013.

    Nightowl Posts: 28

    In my "Humble Opinion" , the Pay-Day and Title type loans with greater than 10 Percent interest are nothing more than legalized theft and done to those whose ability to pay is most unlikely, considering the additional fees and rules currently applied. Title loans should be absolutely prohibited because his car is often the only way the person can get to work in order to earn enough to pay the loan in the first place. Additionally, an individual should be allowed to pay his interest in a timely fashion and not have additional fees added to the principle of the loan. In my opinion the manner in which the loans are currently administered is a crime.

     
  • elf posted at 12:21 pm on Wed, Jun 26, 2013.

    elf Posts: 1594

    There was (in the late 1960's) a law in Texas that made it a crime to charge an interest rate over 10%. It was called "usury" and carried a heavy fine and possible prison for multiple counts. We need such a law now.

     
  • agnerd posted at 9:42 am on Wed, Jun 26, 2013.

    agnerd Posts: 799

    No one is forcing people to sign up for these loans. In fact, these businesses are providing a service no one else will because their customers have made big financial mistakes in the past. They provide a second chance. If someone blows their second chance, I have no sympathy for them. But no need to punish the good samaritan.

     
  • hotdog posted at 7:52 am on Wed, Jun 26, 2013.

    hotdog Posts: 1018

    Neither way matters much to me except point of additional government invasion of individual rights. However, United Way has no business in politics, they are already way too heavy on cost versus proper use of the donated funds they collect. Never again a dime of my money for them.

     
  • layla posted at 6:39 am on Wed, Jun 26, 2013.

    layla Posts: 1

    Kudos to Ann Horton for caring for the citizens in Bryan that are the most vulnerable. Nancy Horton would do well to follow suit in College Station. Jason Fikes- your last statement says it all!

     

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