A Utah Legislator is Fighting to Keep Payday Loans Legal
Many students are worried not only about final exams, but they are also concerned about how they will pay for the following semester. Tuition for the Winter Semester is due on December 24, and students are scrambling to find enough money to cover the costs. For that reason, there are payday loans near me which students can find at GreenDayOnline.
Many parents warn their children not to utilize payday loans, but one Utah lawmaker is fighting to keep them legal. Despite the fact that it may seem surprising, Sen. Curtis Bramble, R-Provo, has supported a number of laws that have passed, ensuring that payday loans remain legal in the state.
“What is the alternative for anyone who is opposed to the payday industry?” says the author. “Even if we were to simply make payday lending illegal in the state of Utah, pass a law that eliminated it entirely, that would not prevent individuals from accessing credit online,” Bramble explained. It does not prevent individuals from locating loan sharks, and by that I mean the kind of loan sharks that you see in Hollywood who smash knee caps if you do not pay back your loan.”
One of those bills mandates that payday lenders advertise their interest rates in a large and bold style in order to prevent financial misuse on the part of their customers. According to Bramble, “we do not protect payday lenders; as a matter of fact, we pursue, and our statutes pursue, the bad actors.” Utah is one of the few states that, in addition to prohibiting pyramid loans, mandates comprehensive loan disclosure requirements. A payday lender’s ability to refinance debt is strictly regulated by the law.
“I do not have much sympathy for payday lenders. “I am sympathetic to the citizen who is living paycheck to paycheck and who may have had an unexpected event occur,” Bramble said of the citizen. Despite the fact that people who utilize payday loans are protected by the law, it is the responsibility of the individual to devise a strategy for escaping their financial difficulty.
To be a financial counselor, I prefer to work with people one-on-one to help them grasp budgeting and other financial concepts such as setting aside money for a rainy day, living within your means, and other such concepts. “However, that is not the role of the government,” Bramble stated. Utah, according to Bramble, is ahead of the curve in terms of regulation and ensuring that citizens are not wasting their money away.