Cash Advance
Cash Advance
According to the “Bill Would Limit Payday Lending” by Peter Hull. The author discuss that in South Carolina companies have cash advance system for lenders, they made stronger laws to control industry. Clemmons sent a bill and going to limit the number of payday loans. The industry leader have limited for payday loaning in South Carolina. In North Carolina and Georgia the payday was limited, and Virginia has bill like Clemmons’ bill. The industry takes from cash-strapped people and they must return the money on time or they will have another loan to cover the first one. This law is copy from new federal law to limit the payday for the military workers. Clemmons said it is too high that the law made fees for the borrower $15 for each $100 for two weeks loan. He wanted to reduce the fee to $5 on a $100.In addition he suggests to limit the percentage to 36% and make it one loan per lender. The government will shut down the cash advance in South Carolina. Fulmer mention that the company director said 10 cents daily for each $100 are not enough. Since 36% it will stop the industry system. He wants to help people who need money. Borrower can make use of $300 by giving a chick, but they have to return it usually on 2 weeks $345. If the users did not pay in the exact time, they will pay $45 bill plus new finance to cover the firs one. Fulmer says the government blames people that their fees lower than banks’ fees. He also says people know that the policy of Advance America because of the advertisements on the walls. He says if there were better offer people would choose it.
Who cares about citizen’s weal? How? Why? Clemmons mentions that the government is the one who worry about the citizen. it profiteer from poor people who need money. It got from each loan 390% plus the balance if people delay their payment. Some people agree with the cash advance and support them and another disagree with them. Yet the government is trying to help poor people, Forces people to make better choices and Forces families to help each other.
First, government wanted to protect deprived community; it is cut the yearly cost from $15 to $5 for each $100 so that it can be on publics’ hands. It will be big pressure for poor population; percentage is too high and it will injure the broke people. By reducing the profit everybody can make use of convenience bill.
Second, people need learn how to manage their money; government should make courses to teach them where and how they spend their money. The must lean when they shout borrow; some people use money for luxury then they become in a big trouble. Public needs special programs to manage their uses of money.
Third, family should share their responsibility; they can divide the payment between them for rent, eat and educate. Government advice families to support each other; if someone borrow his family help him to return the loan on time by give him money if he do not have. Family must be as a one hand to have better life.
In the conclusion the government has their own opinion and the cash advance has their own opinion. In addition, there are advantages and disadvantages for each of them and each of them want to help the poor people in their ways. Further, the government hold up the citizen and help them by money, educate and advice.
References:
Hull, P. (2007, January 19). Bill would limit payday lending; Measure aims to cap fees,
Restrict number of loans borrow can carry. The Post and Courier. Retrieved
April10, 2007, from LexisNexis
According to the “Bill Would Limit Payday Lending” by Peter Hull. The author discuss that in South Carolina companies have cash advance system for lenders, they made stronger laws to control industry. Clemmons sent a bill and going to limit the number of payday loans. The industry leader have limited for payday loaning in South Carolina. In North Carolina and Georgia the payday was limited, and Virginia has bill like Clemmons’ bill. The industry takes from cash-strapped people and they must return the money on time or they will have another loan to cover the first one. This law is copy from new federal law to limit the payday for the military workers. Clemmons said it is too high that the law made fees for the borrower $15 for each $100 for two weeks loan. He wanted to reduce the fee to $5 on a $100.In addition he suggests to limit the percentage to 36% and make it one loan per lender. The government will shut down the cash advance in South Carolina. Fulmer mention that the company director said 10 cents daily for each $100 are not enough. Since 36% it will stop the industry system. He wants to help people who need money. Borrower can make use of $300 by giving a chick, but they have to return it usually on 2 weeks $345. If the users did not pay in the exact time, they will pay $45 bill plus new finance to cover the firs one. Fulmer says the government blames people that their fees lower than banks’ fees. He also says people know that the policy of Advance America because of the advertisements on the walls. He says if there were better offer people would choose it.
Who cares about citizen’s weal? How? Why? Clemmons mentions that the government is the one who worry about the citizen. it profiteer from poor people who need money. It got from each loan 390% plus the balance if people delay their payment. Some people agree with the cash advance and support them and another disagree with them. Yet the government is trying to help poor people, Forces people to make better choices and Forces families to help each other.
First, government wanted to protect deprived community; it is cut the yearly cost from $15 to $5 for each $100 so that it can be on publics’ hands. It will be big pressure for poor population; percentage is too high and it will injure the broke people. By reducing the profit everybody can make use of convenience bill.
Second, people need learn how to manage their money; government should make courses to teach them where and how they spend their money. The must lean when they shout borrow; some people use money for luxury then they become in a big trouble. Public needs special programs to manage their uses of money.
Third, family should share their responsibility; they can divide the payment between them for rent, eat and educate. Government advice families to support each other; if someone borrow his family help him to return the loan on time by give him money if he do not have. Family must be as a one hand to have better life.
In the conclusion the government has their own opinion and the cash advance has their own opinion. In addition, there are advantages and disadvantages for each of them and each of them want to help the poor people in their ways. Further, the government hold up the citizen and help them by money, educate and advice.
References:
Hull, P. (2007, January 19). Bill would limit payday lending; Measure aims to cap fees,
Restrict number of loans borrow can carry. The Post and Courier. Retrieved
April10, 2007, from LexisNexis
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