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twitterLetter: Wrong method used to limit loan companies
Saturday, March 4, 2006 | 7:20 a.m.
Regarding the plan to limit the number of payday-loan companies that was the subject of a March 2 story in the Sun, "Industry on borrowed time": While I look upon these companies as legalized loan sharks, I disagree with plans to limit their number. That would only tend to limit competition among them and reward those already ripping off consumers with their outrageous interest rates.
The real solution is for Nevada legislators to get busy limiting the exorbitant interest rates that companies are allowed to impose. Under no circumstances should interest rates be allowed to legally exceed 25 or 30 percent, and that is still a rip-off.
Jerry Fink, Las Vegas
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