Like any other group or business, small loans lenders and payday advance loan companies can make campaign contributions. That said, some people do not think it’s morally right. Any contribution, according to some, by any business amounts to bribery. One such idea is that if a candidate or official doesn’t 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 start with.
Is the small loan sector really buying officials?
Like any trade organization or concern, small loan companies like cash advance and installment loan lenders can lobby politicians to voice their concerns or make sure they get a fair shake. Members of these organizations make campaign contributions, which they’re legally allowed to do. Organizations will lobby incumbents or candidates, which from time to time these small loan corporations do as well where officials are invited. There seems to be a double standard though. The newest Mexico Independent accounts that there was a recent New Mexico debate where Democratic candidate Diane Denish got mad at Susana Martinez since she had been supposedly bribed by payday loan companies since Martinez had some of the alternate financial services industry throw a fundraiser for her.
Who makes the rules?
Just because any one industry makes contributions to a candidate doesn’t mean a whole lot. Some businesses are considered more acceptable to give donations. Who decides this? Getting off any person is something that is hard to really do for payday loan and small loan companies with no money. The 2010 election fund, from the whole payday lending organization, ended up having Congressional Representative Heath Shuler of North Carolina getting $57,900. Senator Chris Dodd, by comparison received $152,100 from the Royal Financial institution of Scotland alone in 2010. Anyone can check out lobbying data on OpenSecrets.org, and may be amazed at what they find about their own representatives.
Quite small
Banks and high finance lobby way more than any kind of small contribution a small loan lender can make. Election campaigns end up with unions paying out probably the most. That's where much of the contributions come from. Unions are definitely not the cleanest groups of individuals. Contributions and bribes are different. They can't be counted as the same. You can read more in Paydayloan Facts and Statistics Record on Personal Money Store.
Citations
New Mexico Independent
newmexicoindependent.com/65582/the-men-behind-martinezs-payday-loan-fundraiser
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