I recently sent the following letter to the New York Times:

To the Editor:

If states heed your recent editorial (“Borrowers Bled Dry,” July 13) calling for them to “drive out payday lenders,” it would harm the very people you claim to be protecting. It would also unfairly rob individuals of the right to manage their own affairs.

The issue here is one of choice. While many people are choosing to avail themselves of the loans provided by payday lenders, you think you know better and seek to deny them this right. The prevalence of these lenders, which you point to as a means to scare the reader, only serves to speak to the value they provide the community.

You accuse these service providers of engaging in “legalized loan sharking,” yet following your prescription would ensure that low-income borrowers seeking short loans will have no one to turn to but the real loan sharks.

Sincerely,

Brian Garst

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