Campaign contributions can be made by small loans companies and payday advance loan providers, just like any other organization. That said, some people do not think it is morally right. Any contribution, based on some, by any business amounts to bribery. One such idea is that if a candidate or official does not want payday advances banned or capped within an inch of their life has been bought and sold by the industry. It is an awful double standard, and loan companies don’t have that kind of cash lying around to begin with.
Buying officials are what many say the small loan sector is doing
Payday advance and installment loan companies, along with other small loan lenders, are allowed to lobby politicians in order for making sure they get some say, along with all of other trade organizations. It’s ok for the organizations for making campaign contributions. It is something legal that they do. Sometimes they host conferences that officials are invited to, and there are plenty of other organizations that lobby incumbents or candidates. There seems to be a double standard though. The new Mexico Independent accounts that there had been a recent New Mexico debate where Democratic candidate Diane Denish got upset at Susana Martinez since she had been supposedly bribed by payday advance loan companies since Martinez had some of the alternate financial services sector throw a fundraiser for her.
Remembering who makes the rules up
It doesn't mean much to have contributions made to a candidate. One sector doing it isn't important. Some companies are considered more acceptable to give donations. Who decides this? Besides, payday advance and small loan providers as a business cannot afford to really buy off anyone. The 2010 election fund, from the whole payday lending organization, ended up having Congressional Representative Heath Shuler of North Carolina getting $57,900. $152,100 went to Senator Christ Dodd. This was within the 2010 election and all came from the Royal Financial institution of Scotland. Anyone can check out lobbying data on OpenSecrets.org, and might be surprised at what they discover about their own representatives.
Small corporations
The contributions small loan lenders can make as an industry are dwarfed when it comes to other lobbies, such as banks and high finance. The biggest contributor to election campaigns, far and away, is unions. Unions are quite dirty too. Just look at history and see. A bribe isn’t what a contribution is. Want to know more? Just take a look at facts and statistics of pay day loans record on Personal Money Store for the info.
Data from
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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