This runs into a back to the future movement
Reader comment on: HSBC, H&R Block, and Refund Anticipation Loans
Submitted by Lyle (United States), Dec 28, 2010 00:04
Recall that until the great de-control of things financial there were things called Usury laws. The refund anticipation loans would have been illegal under the terms of those laws. So it's a loan type by loan type attempt to return to them. It will have the effect of denying uncreditworthy borrowers a loan. The question is did the loan companies disclose the fee in large enough type. (Most people don't read the things they sign, based upon the number of folks who were surprised by having an ARM). It's clear that most folks are incapable of understanding a lot of finance, which does raise the question of the libertarian point of view, does that mean that victimizing the ignorant is ok?
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