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Welcome
to No.1
Payday Loan
Company
Proponents'
Stance
Although,
some
view
payday
loans as
predatory
or even
loan
sharking
that
target
low-income
clients,
proponents
are
adamant
that
payday
loans
provide
a
service
that is
not
available
from
many
national
banks.
Many
banks do
not
offer
small,
short-term
loans
and
these
payday
loans
fill a
niche in
the
economy.
Many
cities
across
the
United
States
are
implementing
ordinances
on the
manner
in which
payday
loan
centers
conduct
business.
Economic
studies
show
that
consumer
credit,
even at
very
high
rates of
interest,
is
generally
welfare-enhancing.
Withdrawal
from
North
Carolina
On March
1, 2006,
the
North
Carolina
Department
of
Justice
announced
the
state
had
negotiated
agreements
with all
the
payday
lenders
operating
in the
state.
The
state
contended
that the
practice
of
funding
payday
loans
through
banks
chartered
in other
states
illegally
circumvents
North
Carolina
law.
Under
the
terms of
the
agreements,
the
lenders
will
stop
making
new
loans,
will
collect
only
principal
on
existing
loans
and will
pay
$700,000
to
non-profit
organizations
for
relief.