Big Nanny Puts Her Leg Down – No More loans that are payday!

Big Nanny Puts Her Leg Down – No More loans that are payday!

This week’s “Daily Journal” guest columnist is George Leef, vice president for research during the John W. Pope Center for Higher Education Policy.

In 2006, new york joined up with an increasing selection of states that ban “payday financing.” Pay day loans are little, short-term loans meant to employees to give these with money until they get their next paycheck. The price of borrowing in that way is high, showing both an amazing threat of non-payment and high overhead expenses of working with numerous small deals. I’dn’t borrow cash this way, however it is an adequate amount of a company to guide tens and thousands of payday financing shops over the country, making a few million loans each year.

But not any longer in new york.