Can car title lenders be reined in?

Virginia Attorney General Bob McDonnell accused Virginia Beach tile company Daniel Poston last August of breaking state lending laws, and forced him to refund or not ...

[pulitzer prize]

Another great article by Chris Flores. He really digs deep and gets information that makes the story interesting.

[Jesus Christ]

The title lending folks are no more than shylocks who lend money with intrest rates that are dicated by SATAN ! Make it so hard for them to steal from others that they will have to close up shop.

[fred]

Yes, you would hate for them to ruin a business that loans money at usurious rates.

[prioroffenses]

If title lenders could "charge any interest rate they want," why wouldn’t they be charging two ZILLION percent interest...PER DAY?! The amount these lenders charge is not some arbitrary rate. Like any financial institution, they are charging the lowest amount to cover the risk of the loan yet offer a competitive product.

[colormegood]

If I've been responsible enough to pay off my car, I should be able to choose to borrow money against my asset if I have the opportunity without the government getting involved.

I have my own business. Sometimes I need a little help with payroll to get the job done in order to make money. Small business people need a little help sometimes to stay afloat.

I've been watching this payday debate for the past several years in awe of how much money and effort has been wasted in the name of "consumer protection". It is illogical to me how these activists justify efforts to shut down a job producing industry to protect a few irresponsible people from themselves. So we "protect" the person that takes out a loan they know they can't afford, but what about the single mom working in that loan office who needs her job? Who is going to protect her? What about the borrower who pays the loan back responsibly and needs that extra help sometimes? Why should we protect the irresponsible and punish the hard working and responsible? Why is the only way to protect the irresponsible taking away jobs and hurting other people? Why can't we spend all this time and effort and money on developing alternatives or providing education to actually rehabilitate these irresponsible borrowers without hurting the responsible borrowers and employees of these institutions?

I agree, it's just like with many other consumer products, like a vehicle. If you use it irresponsibly, it can be very dangerous. So, since some people are bad drivers, cars should just be banned for everybody???