Like any group or business, small loans companies and payday advance loan providers can make campaign contributions. It is thought by some that any contributions made by a trade organization or business to a candidate is a bribe. For example, some think that if a candidate or office holder will not support banning payday loans has to be bought off. Payday loan companies do not have that kind of money, and also the argument is hypocritical to boot. Article source – Small loans lenders could hardly afford to purchase elections by Personal Money Store.
Is the small loan business really purchasing officials?
Payday loan and installment loans companies, along with other small loan providers, are allowed to lobby politicians in order to make sure they get some say, along with all other trade organizations. Members of these organizations make campaign contributions, which they are legally allowed to do. Sometimes they host conferences that officials are invited to, and you will find plenty of other organizations that lobby incumbents or candidates. Yet a double standard is often observed. The new Mexico Independent reports that there was a recent New Mexico debate where Democratic candidate Diane Denish got upset at Susana Martinez since she had been supposedly bribed by payday loan companies since Martinez had some of the alternate financial services business throw a fundraiser for her.
Where the rules come from
Just because any one industry makes contributions to a candidate does not mean a whole lot. Who gets to say that one organization is better than another when it comes to donating? Payday loan and small loan companies do not really have much money to spare. Getting off somebody costs lots of money they don't have. The 2010 election fund, from the whole payday lending organization, ended up having Congressional Representative Heath Shuler of North Carolina getting $57,900. In 2010, the Royal Financial institution of Scotland gave Chris Dodd $152,100. Anyone can look at lobbying data on OpenSecrets.org, and may be surprised at what they discover about their own representatives.
Just the small contribution
The contributions small loan companies can make as a business 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. Looking at history, unions are hardly squeaky clean by any stretch of the imagination. Contributions that small hardly makes a bribe. Want to know more? Just check out 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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