AARP Voices Concerns About Payday Loans

Recently in Charlestown, there was a meeting to discuss the pros and cons of payday loans. The two opposing sides were a payday loan lobbying group.  The AARP said that payday lending is a predatory practice and the laws should be changed to protect consumers. On the other side, the nation's largest payday lender said that they provide a valuable service to people that need help.

The AARP was clearly the louder of the voices at the meeting. They said that people should only be allowed to take out one loan at a time and that there should be a 24 hour cooling off period before they can take out another loan.