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Saturday, September 21, 2013

Fast Loans - Lawmakers Need to Step Back

It seem like nowadays everyone has all of a sudden turned against the validity (and value) of fast loans. Why might this be? In this article we'll examine some of the dangerous assumptions underlying the seemingly noble "outrage" against these quick loans.

Basically, all of this anger directed toward the payday lenders and their ilk assumes that adults shouldn't be allowed to enter into agreements willingly. That is my only problem with all this witch-hunting. It seems like it's for the good of all, but in fact it says that "the working poor" and others who tap into fast loans in order to avoid other more ruinous consequences don't have the right to make their own decisions. The real problem is that legislators and other public behavior police have judged some segments of the population as being too dumb to make their own decisions.

The fact is that the lender needs to balance his risk by charging more in interest. This is why these fast cash loans are more expensive than longer term and safer loans. But this is only half the story. The other half is that many of the people who use this financial tool genuinely need it. They are not just living on the outskirts of society pounding themselves into poverty. Many families use fast loans in order to avoid harsher penalties they would have to take on just because their next paycheck isn't happening to coincide with the bills due on their credit cards. Or maybe they need to pay rent so they don't get tossed out onto the street. Would it be better for them to be homeless? No, I don't think so.

Nowadays, there is an assault on people's own right of financial responsibility. All blame is pinned on only half (or less) of the equation. But I ask you this: am I really free if I can't enter into a mutual agreement between two adults? Does some stranger really have the right to judge whether my financial decisions are moral or not? My answer is that the lawmakers need to butt out and let adults be adults. Will some people default on their fast loans? Of course they will. But there are already consequences in place for that.


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