Critics: NH house bill could cost hundreds of jobs

[Tom Sawyer]

 
Ya'll cheer me up. 

[J’raxis 270145]

These people are nothing but legalized loan sharks who prey upon the poor in order to increase there own wealth potential.  So the nh gov wants to limit the apr, omg the communists!

http://www.cashcall.com/General/Rates.aspx

You are a complete fucking idiot crying about all the jobs lost over such legislation and the dignity of the people that need such a loan.  Did you ever think that some of these people need a loan to pay the rent,heat,food,electricity, gas etc........... for their families?  And what do they get in return? 50, 75, 100, 150% interest?  Do you know who finances these "payday loan" operations?  Fuck dude, capping these "payday" interest rates will help people that need it and restrict the ability of those with unlimited income from taking advantage of people who have no other choice.

I have about as much love for usurers as I do for the insurance industry, but the government regulating them is not the answer. "There oughtta be a law!" never is.

One of the basic tenets of contracts is that all signatories understand the contract, and these loan sharks bank on the fact that the borrowers are too financially ignorant, or desperate, to read and understand the fine print. In a free society I would expect such parasites to be hard-pressed to find anyone willing to support them in enforcing such contracts, and in our current system I would say a possible "solution" might be for the courts to invalidate such contracts on a case-by-case basis, not pass a law limiting or outlawing such behavior across-the-board.