had an interesting conversation with a gentleman today while i was gathering signatures for Montana’s Initiative petition for Pay Day lending regulation I-164. the guy signed my petition and then told me he really needed a job but when a payday lender called him back on an application and offered him a job, he turned it down. this guy told me he needed to be able to sleep at night. he told me that “those loan sharks are just too evil to work for. no matter how broke i am, i couldn’t do that to people.”
this cycle of payday loan sharking traps people into debt they can never get out of. almost 80% of the customers of pay day lenders are repeated loans which are churned over and over again for massive profits and they further impoverish the already stressed out working poor in montana. read more about this industry here and help us pass I-164 to cap the interest rates for these type of loans to 36%.