Friday, August 11, 2006

Reader Speaks Out Against Predators, In Favor of New Mexico Payday Loan Regulations

By Paul Rizzo
Payday Loan Writer

NOTE: Below is a letter we received, via e-mail, from a New Mexico resident with strong opinions about payday loans. If you would like to have your opinions heard, please use the Contact Us form and fire away. As a democratic and impartial site, Payday Loan Times wants to hear what everyone thinks, and present all views.


Hello. I just read about the editorial you have posted on this website regarding the new proposed state laws regarding payday loans. There was a statement to some effect that "they vote with their feet everyday."

Payday Loan Times

Well no offense to any opinions or comments from people, and I hope this to be a liberal website where you can post any message and be heard, but simply I do not believe that comment for what it is worth.

I have recieved multiple payday loans to only find myself in a nightmare situation.

I just walked into a Ready Money location and the gentlemen [sic] explained, "yeah you look like the type that will pay us back, most of our consumers that walk through payday loan centers hand over their bank statements and you could clearly see why they are here, they live in the casinos."

There is another comment which I find stingy and crybaby-ish.

"Oh, if these laws pass, we just don't know what were going to do, probably just go out of buisness [sic]."

That is just yet another lie just as the lie of "helping so many people," the payday loan centers have made this state who happens to be one of the poorest states, I believe secondly, even poorer. That is the only reason why they continue to exist and build their fortunes because this whole time they have been preying on the most volnurable [sic] people of all.

I hope and pray to God that the laws are enforced to the fullest. It would be so nice to walk around here like I did in San Francisco and not see these infestations, predators, money hungry scoundrals [sic] around our state, New Mexico.

We could do better than that. There have been comments made that people have no other places to go, well, if they keep going to predator lenders, they will never be able to go to those places because they cannot build their credit because they are too busy paying, as I've seen, one of the highest interst rates — 651.71%!

That is CRAZY! Thank you Governor Richardson and Patricia Madrid and all in favor of putting these unfair and unlawful people in their place, and if they go out of business, so what, they have made their hundreds of thousands anyway.

Thank you Payday Loan Times for letting me voice my opinion. So to allof the troubled people, August 31st is just right around the corner my friends, and let's all walk in with a smile to pay the loans, while we see once before happy to be predators with their tales [sic] between their legs!

Thank you,

Michael Sanchez

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