The Payday Loan industry provides a much-needed service that gives consumers options when finances are tight. Many politicians feel that this is a "predatory" industry and should, therefore, be done away with. Many of them do not realize the tremendous impact that unreasonable regulations (which effectively shut down the industry, i.e. Ohio HB 545) placed on the Payday Loan industry will have on our economy. It is our responsibility as consumers in a capitalist economy to speak out against legislation that will take away our choices and, ultimately, the power of the consumer inherent in the free market which exists in our nation. Whether you use Payday Loans or not, it is imperative that you understand the devastating consequences of eliminating any legitimate consumer choice in the marketplace.
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Under each candidate profile, you'll find a picture, political stats, contact information, etc. in addition to quotes/voting history regarding the Payday Loan industry. Below each profile, you can post any additional facts/editorial content you would like.
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Thanks for visiting and come back often to stay informed during this election year.
Libertarian Candidate for 39th Legislative District - Missouri House of Representatives
Lance Weber stands for Freedom, Liberty, and the values upon which the Founders built this Nation. Regarding harsh legislation against Payday Lenders, he has the following to say:
The only people that benefit from unreasonably restrictive regulation of payday loan companies are criminals like "loan sharks" who would see their own share of the market grow. Consumers of lending services who are desperate enough will seek out those services regardless of whether they are authorized by law. Allowing the free market to work by itself would result in more competition among payday loan companies and would translate into lower fees for consumers.
Visit Lance Weber's website at www.lanceweber.com
Libertarian Candidate for U.S. Congress Texas District 18
Mike Taylor believes in the free market and the consumer's right to choose. In the following quote below, he shares some of his thoughts on the role of consumer choice in the marketplace.
I am very much for the marketplace and the right to choose. I am also very much for the rights of the individual to make choices based on informed decisions. Consenting adults should have the right to willingly engage in whatever activity they feel is right for them.
People of contractual age should be protected by education. The loaning industries should provide full disclosure to every aspect of a loan where the consumer is expected to repay within a given time and with added interest of any kind. Once the consumer is provided with ample information from the provider of goods or services, it is the right of the person to decide if they are willing and able to participate in such contractual agreements.
Yes, consumers should be allowed to make their own decisions, and they also have the right to be informed of any possible problems that may occur as a result of those decisions. I am a big believer in education. If someone knows what they are getting into, they have no one to blame but themselves if something goes wrong. If they are kept from full disclosure and get "suckered" into a deal, they should be protected. It's a matter of rights infringement.
Libertarian Candidate for Governor of North Carolina
Michael Munger chairs the Political Science Department at Duke University and has published more than 100 articles and four books on topics pertaining politics and economics. He understands the importance of consumer choice as the cornerstone to a free market and has provided paydaypolitics.org with the following sentiments:
Loans to people with bad credit records are inherently risky. The solution to interest rates that are "too high" is more competition, not more regulation.
The only effect of so-called "usury laws," of the sort used to regulate payday loans or other groups who offer credit to the underserved is to drive them to illegal loan sharks.
And those other "creditors" charge higher rates, and use violence to collect their debts.
It's true that poor folks have trouble getting credit. But barring payday loans hurts the very groups that reformers think they are trying to help.
- Mike Munger
Democratic Candidate for Governor of Missouri
According to the article below, Jay Nixon favors capping rates on Payday Loans to 36 percent APR, which translates to about $1.38 charged for a two-week $100 payday loan... according to the ridiculous math that Payday Loan opponents have come up with to make it seem like Payday Lending is an unreasonably profitable business.
Articles:
Nixon Wants to Cap Rates on Payday Loans