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News : Easy Cash Advance Payday Loan
Loan alternative
January 17, 2008
An article, "Cap on payday loans would hurt those most in need," Jan. 7, by a former economics professor at James Madison University, David Kreutzer, said limiting the interest rate to 36 percent would hurt those most in need. Don't believe it!
When I need funds to get me through, I go to my credit union. These not-for-profit organizations are now available to all if they just join. They've filled the gap between banks and those in need.
Kreutzer wrote, "... it is the 'least bad' deal many marginal borrowers can get." That's not true.
Educating people to manage their money and to the availability of services other than payday lenders provides them with an avenue they may not know about, while improving their limited funds. Would you pay 15 percent if you knew you could join a credit union and obtain a loan for 7.25 percent?
It's no wonder banks don't like credit unions –– and no wonder the former professor didn't mention them either.
Source : http://www.dailypress.com |
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