Based on the Wall Street Journal new Federal regulations prodding banks to stop making small high interest short term payday loans will provide payday loan companies and pawnshops with a windfall profit for the year 2014. New guidelines issued last Thursday by the Office Of the Comptroller of the Currency and the Federal Deposit Insurance Corp. don’t explicity prohibit banks from offering the types of loans but the Fed will put up roadblocks such as verification that the borrower can repay the debt, evaluation of the borrower’s work history etc. Customers use the deposit-payday cash advance system this way. They go to the bank for an emergency type loan such as car repair, medical emergency etc for $500. When their paycheck is automatically deposited into their account the loan amount is deducted from their paycheck. The interest rates on these types of loans are approximately 120% per year. The Feds seem to think just like they did many years about booze: You outlaw it and people will quit using it. You outlaw these types of loans people will find a way to borrow money whether it be a Payday Loan, Pawn Shop or Vinnie the loan shark right around the corner.
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