Wisconsin Payday Loans- Yeah Walker!

By Shawn Lee Martin


wisconsin payday loans
Thumbs up!

Today brought some really good news for Wisconsin payday loans.

In signing the state budget on Sunday, Governor Scott Walker went ahead and nixed the payday loan provision that was quietly inserted into the budget last week along with many other last minute provisions.

It seems the Governor listened to the outcry by many different organizations in Wisconsin and did the right thing by taking this out of the state budget.

In our and many others eyes, this provision never belonged in the budget in the first place.

We are happy Mr. Walker has taken this out of the budget as it was the right thing to do and the way it got there in the first place is an interesting story.

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The Provision


This is an interesting provision that would have allowed payday loan companies doing business in Wisconsin to sell insurance, do insurance quotes and even do simple tax preparations.

There was an outcry after this provision was slipped into the budget proposal at the last minute as always seems to happen with special interest driven items and many people really thought this would get through.

Thank goodness for the watchdogs out there keeping up on these things.

Soon after this was introduced opponents started squawking out facts.

Opponents reminded the governor that the report from the centers of responsible lending statistics from 2013 that showed these companies wrote 76.7 million dollars in loans and collected 22.5 million dollars in fees in Wisconsin in 2013 and the numbers have gone up since. This is just not acceptable to be giving companies with these kinds of fees any more clout.

Five other industry organizations sent a letter to Governor Walker asking him to veto this proposal.

 Even more opponents


The Wisconsin Manufacturers & Commerce, The Wisconsin Council of Life Insurers, Wisconsin Insurance Alliance, and Wisconsin Credit Union League all let the governor know they strongly opposed this.

Of course, nobody can seem to figure out just who submitted this proposal and who is backing it but the Milwaukee Journal/Sentinal did report that PLS Financial Services out of Chicago was the major backer.

Wisconsin has 36 payday loan companies doing business in the state with 320 locations, and they are growing in numbers.

Why the opposition?


We have to agree with all of these watch groups and feel that these companies do nothing but prey on the poor and take advantage of them as it is and to give them more power would not be a responsible response.

Giving them the ability to prepare taxes gives them an in on people’s tax returns and makes it real easy for them to offer deals on anticipated refunds.

They will have the ability to know when someone has a refund coming and will be able to offer them money in anticipation of the refund, thus opening up the customer to the age old payday loan trap.

At the present time, 28 states allow payday loan companies to prepare tax returns. Wisconsin really does not need to be number 29 in our eyes.

This would have also allowed these companies to start writing insurance quotes, and thus allow them to charge fees for this service.

We and many others feel they collect enough fees as it is and to give them the ability to collect more would just be crazy.

We salute Governor Scott Walker for signing the budget for Wisconsin and for also doing the right thing and vetoing this proposition. Of course with anything, there was still much opposition to the budget.  Watch the announcement below:

Summary


We  here at Help With payday Loan Debt are hoping this sets a trend around the country to stop giving in to these special interest groups and do the right thing when it comes to dealing with payday loans and payday loan companies.

We do not need these companies getting any more services or any more opportunities to be charging more fees when their profits are borderline criminal already.

We wish Governor Walker luck in his presidential bid and we are very happy with his decisions concerning this matter.

Yeah, Scott Waker!

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56 thoughts on “Wisconsin Payday Loans- Yeah Walker!”

  1. Since I have no positive regard to Payday Loan companies your title caught my eye. I’m glad there are folks who realize that “Shady Loan” companies are not interested in the well being of the folks they’re loaning money to, but just how much they can make off of them.

    My hat’s off to those that oppose the outreach of power by these types of companies.

    Good work on your site and your mission!

    1. Hi, Keith!

      Thanks for your kind words, it really is a mission!

      We will be here if and when anyone needs our help!

      Thanks for stopping by!

      Shawn>>

  2. wow! This has some really good information that I was not aware of. I was going to get a payday loan one time and I am sure glad I didn’t. This can help a lot of people and I know my cousin is having problems right now regarding a loan, I will see what company it is. Thank you so much!

    1. Hi there!

      Yes, it happens every day. Tell your cousin to get hold of us and we can get him some releif!

      Thanks for stopping by!

      Shawn>>

  3. Hey there,

    Hey I came across your site, which is amazing I must say! Such useful and quality content.

    Very well written and easy to understand. I barely make enough to pay my loans, I’m trying to start a business but that’s only in the beginning stages…

    I will definitely visit in the future, thank you very much for sharing your knowledge.

    Kind regards

    Ct.

    1. Hi!

      Thanks for stopping by and yes, please stop back if you are in need of any help. We would be more than happy to take a look at your situation!

      Shawn>>

  4. Hey Shawn!
    It’s me again. I truly like the way you are building your site using relevant information. I also am happy that Governor walker has taken the initial steps to provide some people the options they deserve. I just hope the federal government really take this issue into consideration as more and more people are going into debt.

    1. I too hope they start doing the right thing and regulate these loans a bit better.

      Thanks again for stopping by1

      Shawn>>

  5. Great article getting the word out. John Oliver provided a great synopsis of pay day loans awhile back. You can find it on youtube. The service charges 300-400 percentage points legally, sometimes as high as 1900% a year, which is absolutely atrocious. This predatory lending service is a hole you can’t get out of. Again, great site.

    1. Hi Laura!

      Well, you can skim the edges if you really are desperate for some quick cash and have an iron clad payback plan, and even at that you will pay huge interest but the loan will serve it’s purpose and it will be satisfied.

      Aside from that I would never even consider them because as you said, it is a hole you may never get out of.

      Thanks for stopping by and help spread the word that we are here!

      Shawn>>

  6. Hi Shawn,

    Payday loans can cause horrible damage to the finances of people who take out the loan. The interest rates are outrageous and can bury anyone if they are not careful. Thanks for getting the word out! Hopefully enough people will read this article to do something about this predatory practice!

    1. Hi, Eric!

      Thanks for stopping by and help spread the word that we are here for anyone who needs help with these loans. 🙂

  7. I absolutely HATE payday loans, and think that they should be abolished entirely. As you said, those companies feed on the poor and desperate as they cannot survive without the money. Since they know they are the only people willing to lend to them, they charge absolutely ridiculous rates that no sane person should offer. Thank god Wisconsin’s Governor has some common sense and did the right thing!

    1. Hi,m Mark!

      I agree completely with you. IF they only let one loan go at a time and collect it in full right away or no more loans period things would look better for them but the do just the opposite!

      Thanks for visiting!

      Shawn>>

  8. Prey on the poor, that seems to be the way these days. It’s all financial fantasy anyway, budgets in the hands of sharks and the masses who always end up paying. Then there’s always the other side of the coin but overall this website somehow strikes me as noble. Money is a trap.

    1. Hi, Nigel

      Yes, money sure can be a trap, and it can be the root of all evil.

      It can also be used in a very good way. I hope our message helps people choose between the two.

      Thanks for stopping by!

      Shawn>>

  9. Shawn, it is interesting to note that the people who slipped the payday loan provision can’t be found. You can bet that people were paid to slip that provision into it. But thank God the governor of Wisconsin did not play adamant this time. These payday loan companies are sharks and they should not be given any more berth otherwise it is always the poor who will suffer at their hands.

    1. Hi, Emmanuel!

      You are so right about that!

      They already have too much freedom and less is always better with these companies!

      Shawn>>

  10. I read your articles about Wisconsin Payday Loans. Your article is very clear and detailed. After reading your article, I gained a clear understanding about Pay Day Loan Debt. The video is very intimidating and pretty much you have answered all the questions the visitor has in his mind. I should say that you have done a great job overall..

    1. Hi!

      Thanks for stopping and thanks for the compliments.

      We are trying to get the word out that we are here for people who need help with this kind of debt.

      Help spread the word!

      Shawn>>

  11. wow a very in depth review thingy on the PD loans mate good job. It reads very easily to and is comprehensible so I could understand it all. It looks really well laid out and it is a great video too. Relevant. Yea I agree with RCF your theme really suits your content makes it more interesting and readable mate n is that Shawn M?

    1. Hi Simon and thanks for the compliments!

      Thanks for stopping by and help pass the word that we are here!

      Shawn>>

  12. Your theme is really clear and attention grabbing. The content of your blog is very significant in this day and age and I’m sure you will provide helpful advise for many needy people.

    Having never fallen foul of Pay Day Loan Sharks it is difficult to make comment on the content but the appearance is very good so well done.

  13. Very interesting post Shawn. I really like Walker and think he did do the right thing here. These predators have to be stopped and I hope Wisconsin has set a new trend. Do you think Walker took the provision out in-spite of special interest attempts to bribe him with campaign funding? I like to think so.

    1. Hi, Mark!

      I do not know if he was fighting lobbyists on this but if he was that would be a breath of fresh air in today’s politics.

      I agree, he did do the right thing.

      Shawn>>

  14. I remember when such loan practices were illegal. Only a loan shark would try to do what these payday lenders do. It seems that the laws have been rewritten so anyone can prey on the citizens and make a buck. No good will come of it.

    Thanks for all the good work you do at Help Pay Day Load Debt. It’s good to know there are some decent people out there doing the right thing.

    1. Hi!

      Thanks for stopping by and yes, they are rewriting them every year with money. The lobbyists are buying these laws and it is a shame.

      Shawn

  15. Hi Shawn.

    Interesting article and well presented.
    I do not live in the US but I am always on the lookout for things like this as the rest of the world normally follow the US with this kind of thing.
    It is always interesting that the people who try to get these things into the budget just disappear when the questions come.

    1. Hi, JP!

      It is a world wide problem. The UK is out of control with these loans too.

      Thanks for stopping by!

      Shawn>>

  16. Hi Shawn,

    I don’t live in Wisconsin however I found your article interesting. Thank goodness the watchdogs were awake and barked so that the Governor took out that requirement from the budget.

    Writing 76.7 million dollars in loans and collecting 22.5 million dollars in fees does not appear to be ‘morally right’. That is almost 30%.

    Thanks for alerting me to this.

    Cheers,
    David

    1. Hi, David!

      Yes, the numbers are almost criminal in my opinion.

      Thanks for stopping by and help spread the word that we are here to help anyone who needs it!

      Shawn>>

  17. Just passed by to read your response to my earlier comment. From your reply I can tell you don’t seem to like the governor personally. Don’t you like the fact that he did the right thing? or you feel he could do much better than what he has just done?

    1. Hi, Fidel!

      He is an interesting guy for sure. I am not sure if I like him yet or not. He keeps making the right decisions but he is also always on the edge of what is right it seems.

      I guess time will tell.

      Shawn>>

  18. Great article about loan debt. Debt effects most people at some point in their lives, including me. I like how you broke down everything someone in debt needs to know about and how to attack debt with a payday loan. Awesome article, I’ll be looking forward to more like it in the future!

    1. Hi, Kyle!

      Thanks for stopping by!

      Debt can be a real problem for many and these companies prey on that. I am just happy to be able to help though who get caught up in these things.

      Shawn>>

  19. Thanks for the very informative article Shawn. Like I’ve heard many times, it’s amazing what you can learn on the internet. In any case, I agree with your viewpoint that stopping the provision was the right thing to do, so kudos to your Governor. It will be interesting to see how he fares in the upcoming Presidential race.

    1. Hi, Gregory!

      This should be a very interesting presidential election this time for sure!

      I agree he did the right thing on this topic, but as far as others…. ehh. 🙂

      Thanks for stopping by and commenting!

      Shawn>>

  20. Hello!
    This is an interesting article! It is awful that there are so many scams out there making money out of people’s ignorance. Your post is eye opening. Thank you for sharing and I will make sure to bookmark your page for more of these great articles and share it on my fb.
    Thank you and keep up the great work!

    1. Hi, Katerina!

      Thanks for stopping by!

      Yes, please help spread the word that we are here and can help anyone who needs it with this kind of debt!

      Shawn>>

  21. This is a fantastic article shawn as it is very important to raise awareness specially when there are many scams out there in the world. Many scammers are capitalizing on the fact that many people are just not doing the right research.
    Keep up the good work ! There really needs to be more articles like yours 🙂

    1. Hi, Yunier!

      Thanks so much for stopping by and for the complimanets!

      We will continue to write these articles in hopes that we can make a difference!

      Shawn>>

  22. Then what would you say is the first step someone needs to take in order to get away from payday loans and pay down their debt? One time when my husband was traveling, he hadn’t established a bank account at the new place he was to be living for a while and he needed to cash a check. So he went to a payday loan place just to cash the check and he felt guilty just entering the place, kind of a funny story. But it got us thinking about how hard it may be for some people to NOT enter those doors.

    1. Hi, Sarah!

      If a person has out of control payday loan debt they should contact us and set up a consolidation loan to eliminate this debt as quickly as possible.

      We will get the interest stopped, and the legal action, and we will take over the loan or loans so to speak.

      Thanbks for stopping by and if you ever need help we are here!

      Shawn>>

  23. I don’t like payday loans or dealing with them for that matter, which is why an emergency fund is vital to your budget. But it’s good to hear an official looking out for those who have fallen into that trap. I can understand how life can start squeezing you for all that you have and leave you desperate.

    1. Hi, Nathan!

      So many people do not have an emergency fund because they do not know how to create one. Once you teach them that anyone can have a fund, they jump on it.

      We will be doing some articles here on this subject, stay tuned!

      Shawn>>

  24. Great news post. Good to hear that there’s some good change happening somewhere in the world. This is a great way to keep up with the news around the United States. I like the way you wrote your article and the images you included with it. I enjoyed reading it as your writing style is nice and grammar is perfect. Awesome job!

    1. Hi!

      Thanks so much for the compliments and for stopping by!

      I owe it all to spell check, lol

      We are doing what we can to help those in need.

      Shawn>>

  25. Interesting article right here. And just like you said I think the right thing was done.

    Continue to provide us with lots of current information on payday lenders and other activities that surround what they do and they new tactics they are trying to adopt.

    Wisconcin governor did the right thing by taking it out of the budget

    1. Hi, Fidel!

      Yes, he did the right thing but I still do not care for him as a president, lol.

      Thanks for stopping by!

      Shawn>>

  26. It’s a great thing (or should I say a rare thing) for members of government to actually listen and then actually take action and to do the right thing.

    I say that most companies and organization (including banks) can’t wait till you slip up so that they can shoot you with additional fees. This is where their bread and butter money comes from in my view.

    I agree that giving these companies more powers is totally irresponsible, they first need to demonstrate that they are fair with vulnerable people – they have a long way to go on that point!

    It is almost like they are doing ‘insider trading’ when they have access to peoples income. This is clearly wrong.

    1. Hi, Dillon!

      You hit the nail right on the head here!

      It is a shame that they have to prey on the poor, and yes, it is a bit refreshing to see an elected official look out for the people instead of their wallet.

      Thanks for stopping by!

      Shawn>>

  27. I like that you are trying to help people that have fallen into the payday loan trap. Once they are in, it’s not an easy cycle to break. The interest can be sky high and make it impossible to ever pay back, particularly for low wage earners. I appreciate how this site is trying to education the consumer on the dangers of pay day loans. It is great you are offering a service to help them out. All the best to you!

    1. Hi, Betty!

      It seems Governor Walker agrees that these companies have enough clout already!

      Thanks for stopping by and spread the word!

      Shawn>>

  28. I think the start has to be with the customers that go into these places thinking that they’re making good decisions financially, which they aren’t. We need to focus on programs that get people out of debt, like Dave Ramsey’s programs or other great options out there so people stop falling into these terrible traps set by such places.

    1. Hi, Sarah!

      I agree with you and Dave does run a great ship for sure.

      Education will help and we are trying to educate as many people as we can about the pitfals when using these companies.

      Thanks for stopping by!

      Shawn>>

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