Another View: Do-gooders harrumph, but payday loans work
State Sen. Ron Calderon, D-Montebello, is responding to the Nov. 2 editorial "Time to say 'no' to payday loan sharks." The editorial stated, "As we put it in 2009, payday loans are a 'modern-day form of usury.' California needs to follow the lead of the Defense Department and other states and give this lending practice a pink slip."
So, The Bee and San Jose Mercury News are out to save low-income borrowers from payday-lending "sharks" who float small loans to those in need until their next paycheck. But who'll protect the responsible and happy customers of payday lenders from do-gooders like those on The Bee's editorial board and Mercury News?
Merriam-Webster dictionary defines a do-gooder as an "earnest" and "often naive" humanitarian or reformer. Add misguided and paternalistic. Claiming the moral high ground, do-gooders think they know what's best for those with less.
Do-gooderism was on parade Sunday, Oct. 30, in an "investigative" piece in the Mercury News and a Bee editorial the following Wednesday. Basing its editorial on the Mercury News report – a big mistake – The Bee wrote that those borrowing from payday lenders become entrapped in a "spiral of debt." Both papers say payday lenders should be banned.
My constituents think otherwise.
Sandra Vazquez, a health care specialist and mother of three, said proponents of a ban should walk in her shoes. "They must have money," she said.
Her family is middle class. But with a child in college the bills pile up. Payday loans help her avoid late-payment fees and dings to her credit. Eliminating payday loans "would jeopardize a lot of people," she said, "and not just low-income people."
Do-gooders ignore the fact that the vast majority of payday borrowers are satisfied, responsible customers like Vazquez. Furthermore, most borrowers aren't low-income at all, making an average $55,000 annually. Teachers and nurses are the most frequent borrowers, according to industry data. But let's not let the facts get in the way of a righteous story or editorial.
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Yet "a bank payday loan has all the same problems a traditional payday loan has. You're getting sucked into the same debt trap." Bank officials say low-income customers at times desperately need the cash advances. But they emphasize that they do not
So, The Bee and San Jose Mercury News are out to save low-income borrowers from payday-lending "sharks" who float small loans to those in need until their next paycheck. But who'll protect the responsible and happy customers of payday lenders from
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The ordinance proposed by Councilwoman Lashunda Scales would ban any new title loan or payday loan businesses from opening for one year or until the city's comprehensive plan is complete. Representatives of the payday lending industry say the proposed
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