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Regardless, neither type of consumer should be allowed to make rules that prevent (or dictate) exactly who can buy any of these goods or services. The reality is that each person makes the best choice he or she can, based on their own circumstances-even if they view each other’s decision as a bad economic choice.Īt some future date, each is equally likely to decide that they made bad decisions. Your average Washingtonian bureaucrat should be able to enjoy his $18 avocado toast in peace, just as the typical payday loan customer should be able to access the short-term credit she needs- even if it costs $20 or $30 to borrow $100. If the tables were turned, and the typical payday customer was making these types of consumer protection rules, they would likely enact rules that those currently in charge would not like very much.įrom the view of the average payday customer, it is likely too costly to pay $30 for virgin coconut oil, $8 for a jar of mayonnaise, $225 for a shaving kit (with no razor), $45 for a pack of fancy soaps, $18 for avocado toast, $730 for a pair of shoes, or $85 for a men’s haircut. It presumes bureaucrats understand people’s circumstances better than people do themselves. Such command-and-control rules runs roughshod over people’s self worth and dignity, having the most harmful effect on the people who need certain products and services the most. It substitutes a few (unelected) individuals’ preferences for everyone else’s preferences.
#Are they making payday 3 free
Moreover, the rule is at odds with the fundamental principles of a free enterprise system, replacing voluntary exchanges with those that regulators bless as acceptable. No matter how you slice it, no business wants to rely on bankrupt customers with no money. They will either raise their prices or stop doing business with such lenders. To stay in business it is much better to have paying customers.Įven if a lender bases its business on selling bad debts to third party collectors, over time those third party collectors will catch on. Ultimately, though, a customer either pays or doesn’t. Some critics argue that, perversely, it pays to have customers who can’t pay their debts because they continue paying fees.
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The customers tend to have particularly volatile income, so the CFPB’s original rule, by the agency’s own admission, threatens to destroy the industry.)įurthermore, it is an exceedingly poor long-term strategy for any lender to seek customers who can’t pay their debts. (And payday lending is a very risky business. No matter how many financial rules Congress mandates, it is impossible to legislate away the risk that a borrower might default on a loan. There are several problems with constructing regulations based on such assumptions.įor starters, nobody can possibly know for sure if a borrower is going to make good on his debts. That requirement reflects two related assumptions: (1) consumers can’t determine when loans are too costly, and (2) lenders want to take advantage of this situation by lending to consumers who can’t possibly repay.
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The rule requires lenders to certify, under penalty of law, that borrowers have the ability to repay their loans. The original payday-lending rule is the perfect embodiment of this command-and-control version of consumer protection.