Birmingham City Bill Regarding Same Day Payday Loans Deferred Again
On November 15, 2011, the council of Birmingham City deferred the action on the proposed bill. Councilor Lashunda Scales has forbidden to issue any new business licenses in the city. The reason behind this is that there are already too many payday loan stores. Moreover most of the payday loan lenders try to target the weaker section of the society.
Payday lenders claim that they try to help people with the same day payday loans who fail to avail loan from somewhere else. They also say that they work strictly according to the rules and regulation of the States. But in reality this has never been the case.
Some people were against the bill while some strictly favored it. "I am in dire straits, as they say," said Joyce Vaughn of Birmingham. "I'm like everyone else, strapped for cash. I had nowhere to go. This was my only option." "It is predatory lending and it's unscrupulous," said Dr. Jack Bradford. "I'm talking about getting into people's pockets who can ill afford it."The people involved in the payday loans business are eagerly waiting for the bill to be passed with appropriate norms. This must be beneficial for both payday lenders as well as the customers.
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