It isn't perfectly right. But it is better than not affording access and choice to the people who arguably need it the most.

What is perfection anyways? A million-dollar-per-hour minimum wage?

I just moved from California to Alabama, and I am amazed by the sheer amount of businesses preying on these poor people. I live on a street filled with strip clubs, bars, and twice as many cash advance and title loan centers. The sad thing, most churches here wouldn't allow a bar owner from being a member, but few have a problem with people charging 45% interest on a cash advance to people is absolute desperation.

I find that many Christians are perfectly happy to defend these practices, or even to participate in them directly, using the rationalization that it helps the poor. The "access and choice" line by the first commenter is typical of the bull that I hear. I wonder if that same commenter advocates for laws and programs that would in fact allow access and choice to low-income people without unreasonably high interest rates. I have personally been involved in helping establish a neighborhood credit union that provided many poor families with the opportunity to become banked, to cash their paychecks without a fee, to apply for loans with relatively low interest, and to get tax help without exhorbitant fees. Instead of defending usury, perhaps caveat bettor could consider that there are better ways to provide access and choice.

Patrick, thanks for your response. I actually believe in 0% interest loans--I call them "Jesus Loans", as besides not charging usury, I do not demand the loan to be paid back (as per Luke 6:34-35). I've loaned out about $35,000 to about 7 borrowers over the last 4 years. I don't want any interest, and I have not asked for any of the money back (nor have I received any of it yet).

But that is only for the people whose need I can see. I think it is fine for a person in relative poverty to seek out assistance. Of course, robbers and thieves will set their traps, and hopefully, people in need can ask trusted folks in their local church for advice. I work for a bank and have advised some folks who have contemplated bankruptcy or filing suit against perceived cheaters, etc. Sometimes they take my advice; sometimes not.

And I did not ever advocate for programs with high-interest rates. If you had a more reasonable argument, perhaps you would not need to revert to the logical fallacy of strawman or red herring to make your point. I am not sure where in my post I "defended usury".

About 14% of sub-prime borrowers default on their mortgages. That means that 6 out of 7 borrowers are able to own homes. Why create discriminatory laws against those 6 out 7 households? That does not seem fair or gracious to me at all. Homeownership is a way to prevail against poverty, it is a more statistically significant factor against poverty than race or education.

Perhaps Patrick, you could suggest a sustainable and open access solution beyond loaning to higher risk borrowers at higher interest rates. That would probably help people more than coarsening the comment section of a blgo.

I was in the mortgage business for a while. People just do not understand interest rates. Yes if you have a "Payday Loan" type of business the ANNUAL interest rate is extremely high, like 40-50% as an ANNUAL rate. But the "loan" is only for a couple of weeks at the most. If you charged a reasonable ANNUAL rate, say 8%, you would only generate about 30 cents for a $200 transaction. Can a business stay in business charging a rate like that? NO! Would anyone recommend using a service like that on a regular basis? Of course not. If you were in need and desperate would you go to a place like that? Most likely. It is not just the poor that fall for this, how many middle class people pay a "small" fee for getting their tax refund back right away instead of waiting 4 to 6 weeks to get the check from the Governmet? Have they calculated the ANNUAL percentage rate for those kind of deals...35 to 55%

Only the Truth can set us free--everything (and everyone, including a benevolent legal guardian) will constrain our freedom. I am not for taking away people's freedom. I hope most readers here agree (even if a few shrill commenters do not).

Sustainable and open access solution: credit unions. They are non-profit and are generally very careful not to make loans to people who do not have a means to pay them back. The subprime loan industry, on the other hand, often masks things like bubble payments or even the interest amount when they can get away with it. Simply put, access is important but it seems ethically qustionable to make a loan to someone who has not shown that he/she can pay it back without incurring substantial late fees or defaulting. Many of these same companies prey on low-income workers at tax time, enticing them to take out refund anticipation loans that take as much as 1/3 of their earned income tax credit refund. Yes, the responsibility for avoiding predatory lending does ultimately rest with the borrower, but they need to have better choices. These fringe banking operations do not offer choice. Credit unions do, but unfortunately the banking industry has fought tooth and nail against any legisaltion that would make it easier to expand credit union access.

Patrick: I find redemptive agreement with you. The government is unduly influenced by special interests (those with more time or more money than adults who are taking care of their families can spend). Such as banking interests.

The way to greater fairness for people, even people of little repute, is for less barriers.

I was a customer of a credit union during a 9-month college internship. I had a good experience. I appreciate your advocacy.

Patrick, thanks for responding to my messages with more class than how I responded to yours. God bless.

Ooops, the last one was directed to Caveat Bettor, from Patrick. I'd better take that second cup of java after all.

Some pages can't fit in to a 800x600 screen. I have to scroll left and right to read all the text.
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