Kirsten Gillibrand: Vicious Payday Loans
on Sunday, April 29, 2018Kirsten Gillibrand Money Quote announcing her bill giving post office banking services at 30,000 post offices nationwide. Kirsten Gillibrand said:
“This idea could wipe out the predatory practices of the payday loan industry overnight by providing an accessible and low cost alternative” — Kirsten Gillibrand
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In this quote, Kirsten Gillibrand is referring to a policy idea or proposal that she believes could significantly curb the payday loan industry. Some key points:
She describes payday lenders as engaging in “predatory practices” that take advantage of people in difficult financial situations.
- Gillibrand suggests this idea for the Postal Banking Act could completely eliminate such exploitative tactics “overnight” if implemented.
- The idea would do so by providing consumers with an alternative option for short-term loans or cash advances that is both “accessible” (easy to obtain) and “low cost” compared to payday loans’ notoriously high interest rates.
- She implies this alternative could outcompete payday lenders by offering a better, more affordable solution and removing the need or justification for people to accept payday loans’ predatory terms.
Overall, Gillibrand presents this concept as a promising policy approach to protect consumers by undercutting the payday loan industry through regulated competition that prioritizes accessibility and affordability over profits.
This idea could wipe out the predatory practices of the payday loan industry overnight by providing an accessible and low cost alternative.
— Kirsten Gillibrand (@SenGillibrand) April 25, 2018