PayDay Loan Companies have been allowed to legally "steal" from the American public for far too long. The prctice of charging 500 up to 1500% interest is totally irresponsible as human beings.
Basically, a $400 payday load will cost you $360 in interest if you hold the money for 40 days.
We all know that the people who use these services do so because they are lower income and short of money. This outrageous interest, then makes them even shorter on money which they cannot afford.
We, the people of this great country, do hereby petition the Congress of The United States to enact legislation prohibiting companies or individuals from charging exhorbitant fees on short term loans.
We further petition Congress to pass legislation making it illegal, with jail time of 5 - 10 years, to engage in these extreme high interest practices in any form. Legislation should dictate that NO company or individual may charge over 30% APR for short term loans.
The Enact Legislation To Outlaw The PayDay Loan Practice petition to Congress was written by Henry Hart and is in the category Law Reform at GoPetition.