Editorial Opposes Payday Loan, Cash Advance Lender Return in North Carolina
By J.J. CameronPayday Loan Writer
The payday loan issue isn't dead just yet in North Carolina. As the industry is debated throughout the state, at least one editorial very much opposes the return of any cash advances. Let's paraphrase what this piece in The Wilmington Star had to say …
Out-of-state cash loan sharks want North Carolina legislators to legalize their racket again. The sharks aren't satisfied with annual interest rates of 36 percent on small loans. They want to charge 60 percent to start with, plus an assortment of fees.
A bill to allow such rates on faxless payday loans is being sponsored by some of N.C. House Speaker Jim Black's faithful servants, including Thomas Wright of New Hanover and Pender counties. Needless to say, that's because these Honorables care so deeply and sincerely about the ability of poor people to get their hands on cash and to improve their credit ratings.
It's not because the payday loan lending industry has made tens of thousands of dollars in "campaign contributions" to Jim and the Black sheep. In fact, the payday advance lending industry has been remarkably generous to Honorables of both parties. And in many cases, these philanthropists didn't even want to brag about their contributions to good government.
Their places of residence and their positions in the industry weren't always listed, or listed accurately, in campaign finance reports.
At least, that's the contention of Joe Sinsheimer, a Democrat who apparently remembers that his party once claimed to represent the little guy, not the fat quick payay loan cats who pounce on little guys. Sinsheimer filed a complaint with the State Board of Elections about what he says are "false, incomplete or misleading" campaign finance reports.
According to him, regional legislators whose online payday loan lender contributions were not reported entirely accurately included Democrats Thomas Wright, Dewey Hill and Edd Nye, and Republican Danny McComas.
The latest proposal from the pals of payday advance lending would, in effect, repeal last year's legislation that forced these cash-sucking leeches to leave the state. At the moment, the bill might not get through the N.C. Senate, where a few semi-honest Honorables seem to survive.
But it might pass the House. Nothing seems too low-down for that crowd.
