Payday Groans
[Validity] Must have some degree of capitalism/open market, law enforcement
[Debate] Recently, anti-poverty groups have become more and more vociferous in voicing their opposition to payday loan outlets, which provide loans to needy consumers, but at interest rates far above what banks and other lenders charge. They have rallied before your offices, demanding the government crackdown.
[Option 1] "These payday loan and cheque cashing places are nothing more than money-hungry parasites preying on the weak and vulnerable!" declares placard hoisting anti-poverty campaigner @@RANDOMNAME@@. "By charging such ridiculous interest rates, it just sets their users deeper and deeper into debt! You must intervene and govern the entire payday loan business, setting maximum interest rates and lessening fees charged for their services!"
[effect] payday loan operators are losing interest due to lost interest.
[Option 2] "It's none of the government's business what I charge in terms of interest rates and fees, this is supposed to be a free market, is it not?!" bemoans payday loan magnate Cashius Chekov. "I provide an invaluable service to people who need quick funds, for important things like leaky roofs, flat tires, gambl…important things! Besides, I don't think charging 40% is exorbitant, my clients are grateful for the funds we provide! You should see the lines of happy clients who visit us every day!"
[effect] an increasing number of sullen individuals are becoming entrapped in a vicious cycle of debt.
[Option 3] "Payday loan and cheque cashing institutions are notorious for money laundering and other dubious activities," scowls Chief Detective @@RANDOMNAME@@ of the @@CAPITAL@@ Police Department. "Do you know how many phony cheques are cashed, or criminal activities are facilitated through their Eastern Union money transfer service? If you want to help stymie crime, just shut down the entire industry. People can just use banks, which have much more stringent security procedures."
[effect] bank executives are cashing in on a swathe of poor new clientele requiring loans.
Submitted 06/03/20
