Congress to limit rates for payday loans – U.S. Business –

 While I still think a 36 percent interest rate is fiscal rape, it’s a lot better than 360%, or even 800%.  So Congress took a step in the right direction today.  Now use the other foot, and take another step forward – pay our service men and women enough money that they don’t need to fall into these traps!

Follow-up to this post.


Link to Congress to limit rates for payday loans – U.S. Business –


  1. I thought I type "financial", not fiscal, but whatever. Rape is rape, I reckon.

    Before Ann Richards (may she rest in piece) left office she changed the law that capped interest rates in Texas at 18%.  Rates jumped way up in the next years.  Nobody since has cared enough to re-cap the Interest Rate limit, so we are all fair game.

    At an 18% interest rate we had every major retail chain operating in this state – so you have to assume they were making money at that rate.  Now they are just ripping us off…. and our governement (regardless of party) has sanctioned it.

    It’s rape, any way you look at it.  Someone who doesn’t want to get fucked is getting fucked.  And someone else is enjoying it.


  2. Although I don’t quite get the ‘fiscal’ in your statement (these are private loans, right), I totally agree that 36 is STILL criminal. These lenders are clearly not Christians, or otherwise don’t know their bible!36% Sheesh.. it should be made MUCH MUCH lower. After that, they should similarly cap ALL loans (Credit cards!!!)