Another View: Stop payday sharks
ONE can only imagine how the Golden State would shine if it had a plurality of state lawmakers with the moral character of Holly Petraeus.Petraeus, wife of CIA Director and retired Army Gen. David Petraeus, has become an impassioned advocate for returning military veterans. In that capacity, she has taken on for- profit colleges and payday lending outfits that are trying to shake dollars loose from men and women who have served their country.
Yet instead of the likes of Petraeus, we have the Calderon brothers. Assembly Majority Leader Charles Calderon, D-Whittier, and Sen. Ron Calderon, D-Montebello, are the Assembly and Senate's largest recipients of campaign cash from the payday loan industry. And both have played key roles in making California the epicenter for this predatory form of lending, as the San Jose Mercury News reminded us last Sunday in an investigative report.
According to the Mercury News, the number of annual payday loans in California has increased from 10 million in 2006 to 12 million last year, even as more and more states restrict the practice. Some 17 states and the U.S. military have now effectively banned payday loans, which take advantage of low-income people seeking a cash advance on their paychecks.
At most payday shops, a borrower can get a loan in exchange for a postdated check, which he or she agrees to pay off in two weeks or a month. In California, lenders usually charge a 15 percent fee, or $45 on a maximum $300 loan.
Yet all too often, borrowers must take out another loan to pay off the previous one, pulling them into a spiral of debt. Over the course of a year, a borrower taking out multiple payday loans can end up paying an annual interest rate of 460 percent.
In 2006, the Department of Defense described payday lenders as "predatory" and a threat to troop morale and national security. Congress passed a law capping interest rates at 36 percent on payday loans made to U.S. military service members.
payday advance sundays - News
The reactions from statewide officials, city leaders and philanthropists come after a Bay Area News Group investigation published Sunday outlining the hazards of payday loans and the industry's warm reception in Sacramento. Payday loans, which burden
recipients of campaign cash from the payday loan industry. And both have played key roles in making California the epicenter for this predatory form of lending, as the San Jose Mercury News reminded us last Sunday in an investigative report.
Which is all very well if it's not the week before payday, with your bank balance looking perilously low. It didn't help that, this year, I'd resolved to shake up my recipe a little. Instead of sticking to the usual trio of dried fruit (raisins,
There will be a lot of drama late Sunday afternoon for players chasing the top 125. Former Gator Billy Horschel is 137th. He was in position for a nice payday at The McGladrey, but finished with a 75 Sunday after being second through 54 holes.
Sunday night, Herman Cain's campaign denied reports that the former Godfather's Pizza CEO and GOP presidential frontrunner had engaged in sexually suggestive behavior with two female employees during his tenure as head of the National Restaurant
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NO FAX PAYDAY ADVANCE
No Fax Payday Advance
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So, what does “No Fax Payday Loan” mean?
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