Senate Passes Bills to Set Limits on Title and Payday Loans

I agree in curtailing the P0 percent payday loans, but I have recently taken out a personal loan through a company that allows me to make montly payments over a 6 month period, and they were forced out of business because of this new law. I also do not have good credit and am trying to rebuild. This loan company would be reporting to credit bureau which would be great for me to re start my credit history. I think they should re-evaluate smaller loan places that don't charge a huge interest and help us small people out. This particular company is on Portland Road called "Your Credit"

Payday Loans fill an important niche. It seems to me that the people that have the biggest problem with Payday loans, probably have never been in a position where they needed one. I bet most have never even had to consider it. As a person that has been unable to work because of a case of terminal cancer and forced to live on a very small disability check, Payday loans have saved me on more than one occasion. Most people that have average credit, have the ability to borrow small amounts of money without any trouble. If they don’t have the money in savings, credit card companies send offers regularly, most pre-approved. Small signature loans are also an option. But what if these options are not available to you? I have developed credit problems because Medicare does not pay 100% of my medical bills and I have been unable to keep up with the balance for years now. I cannot get a credit card or a small signature loan whenever I am in a jam. Fortunately, I have had the option of a Payday loan to cover everything from prescriptions to rent. Without this option, there surely would have been cases where I would have had to go without prescriptions or worse, faced eviction and found myself homeless. If this option is ever taken from me because some legislator that knows nothing about NEEDING a payday loan, decides to gang up on the Payday loan industry, myself and others like me will have no place to turn and the results will be devastating. What if the 36% cap drives away the Payday Loan businesses? Do you really think they will stay in Oregon and make very small 36% loans? To a group of people that I’m sure have a higher than normal default rate. (Remember, if we had good credit, we wouldn’t need a Payday loan in the first place.) To drive off or do away with Payday loans would be a great disservice to people like me without anyplace else to turn.