Currently across the United States tons of new bipartisan legislations are taking place to prevent payday lenders who currently charge exuberantly high interest charges, from sticking to their old business practices of scamming individuals who use their services. In the state of California, there has been several recent pushes to make it so the state would restrict the amount a payday lender can charge for interest. However due to these new legislations, lenders are becoming more creative and finding new ways to get past new legislation, so they can continue to charge normal payday lender interest rates as high as 300%.
The new form they are using is Native American tribes, often located throughout the region of California, to use their tribal national sovereignty to prevent state legislation from prosecuting or suing the companies from operating within the state or nationally.
If you live in California, then you know that times in this country have become financially tough, especially if you are living in one of the urban areas such as Los Angeles or San Francisco. The problem is that property, rent, and other expenses keep rising, but the money that people are making is simply not going up. As a matter of fact, not only are people not making more money, they are actually losing their jobs. It might seem that there is no choice other than to fall behind, but this does not have to be the case.
So although some would see that payday lenders are breaking state laws in order to collect high interest loans, the needs within California for a payday loan continue to rise due to the bad economic times. And a lot of payday lenders would argue that these high interest rates are the only way they can stay in business, because those that generally use these types of loans are ten times more likely to go bankrupt or not pay back the loan, unlike other types of loans.
Written By Marie Smithson
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