(UNEDITED) In regards to "Consumers need access to short term credit"from Dec. 10, 09. I can tell you my own first hand experiences from being employed at a payday loan company for 2 years.If you were to call three payday loan companies in your area the interest rate at almost all of them is at least 500%. YES 500%!!The borrowing of payday loan funds can be a confusing process for most people . I rarely had customers who were happy with their loans as the writer stated and actually seen so many customers struggling to pay just their interest payments in an endless cycle. More often than not, the customers ended up paying more in interest than what they even orginally borrowed times 3.

There needs to be credit available to consumers who can not go to a bank and get a loan but not with 500% interest rates. I dont think if these consumers had other options they would go to a payday loan company.I urge all readers to write their state representitives and ask them to get these outrageous rates down and have the payday loan companies better regulated.

Source: standard.net