Tillman Is Right
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N.C. Sen. Jerry Tillman is Senate majority whip. In this session he has introduced 18 bills and has been primary sponsor in 10 of those bills.
I have observed Sen. Tillman in Senate Chambers and have visited with him in Moore County, as recently as this week. He is loyal and hard working.
We read your editorial (“No Reason To Bring Payday Loans Back, March 3) with concern. Ronald Reagan said to Jimmy Carter, “There you go again.”
There you are, Pilot editorial staff, out on a weak limb, criticizing Jerry Tillman's baseball cap. How low will you sink to condemn a fine man, who does a fine job representing all of his constituents?
Look further at the true reasons for SB 89 and what it will do to help North Carolinians. Now there are no “payday loans” except through sharks or black market.
Banks don’t loan. This program will loan up to $500 (max.), with a $15 per $100 fee.
This “loan” does not roll over. If the party cannot repay at the end of 31 days, payments are set up at no additional charge. The person cannot get another “loan” until the first is paid in full.
It’s different from the “payday loans” of old, which rolled over and let additional funds be added to it until the person was in impossible debt.
Tillman gets calls from constituents who call and ask what to do. They have a car and a job, but the car needs repairs. If they cannot get the car repaired, they cannot get to work and risk losing their jobs.
Do your homework about Jerry Tillman's qualifications. He has served six terms in the legislature. He is a retired school administrator. Get off his case and stick to facts.
Adelle Park
Pinehurst
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Comments
JimHeim 2 months, 1 week ago
Who exactly benefits from a loan with a 180% annual rate? Tillman's loan sharks are no better than the leg-breakers of yore. Better to keep our poor and working poor away from such destructive temptation.
Anyone who thinks such usurious behavior has an upside (and is familiar with Scripture) may feel free to weigh in.
ballcoach 2 months, 1 week ago
Jim, how do you get 180% annual rate? If a guy borrows $300 he pays 15% or $45. If he never does it again he has paid 15%. Your math is flawed. Even if he does it again, it is still a one-time fee of 15%.
JD 2 months, 1 week ago
Get off his case and stick to facts.
Fact: Tillman is a paid shill for legalized loan sharks.
Fact: Tillman is a paid shill for the fracking industry trying to rape NC land.
Easygoing 2 months, 1 week ago
@ballcoach - 15% for a month works out to be about 180% for the year (the usual way to measure loan percentages is on an annual basis).
Toda 2 months, 1 week ago
"Do your homework about Jerry Tillman's qualifications. He has served six terms in the legislature. He is a retired school administrator."
Also one may care to see who in state and out of state bought Jerry Wayne Tillman's votes!
Yes Dee, Tillman is right for out-of-state contributors...and voters wonder why our system is so screwed up ~ it's time for term limits....
Pippa 2 months, 1 week ago
We live in times of global financial crisis when lots of people live from payday to payday and find it difficult to cover all the necessary expenses. And that’s why so many consumers use payday loans and other quick lending services. But it’s important to understand that payday loans have high interest rates and intended for emergencies. Some people live though payday loans and take one loan after another. But it would be good if payday loans were safer for those who have regular financial problems. Quite often people take one payday loan after another and can’t get out of the debt circle. Pippa from PaydayLoans@
JimHeim 2 months ago
wdd - Please explain how Tillman's repayment system works. Thank you.
alladat1 2 months ago
The people posting here that like this idea are the reason politicians like Mr. Tillman keep getting re-elected.
JimHeim 2 months ago
Pippa - having read the bill, this looks a lot more like loan sharking then I previously thought.
If you go in for the maximum amount ($500), you give the shark a personal check for $500 and the shark gives you a check (or some other form of payment - it's his call) for $425 to cover his 15% fee.
You now may have up to 35 days to redeem that check if that's the agreement signed. It could be for a much shorter time, say a week?. If you can't or don't pay it back, he may set up a repayment plan, but only if you inform him of the inability to pay on or before the date the loan is due. Notice that the bill does not require the company to set up a repayment plan. It's just an option. Note too that if the payment plan is set up, payment is scheduled for a day when the customer receives 'regular income.' That doesn't leave much time for a deposited check to clear, so more fees are sure to follow.
What happens if you don't inform the check-holding company of an inability to pay before the loan is due? The bill doesn't say, which suggests to me that the shark has a great deal of freedom in recovering his loss (plus fees, of course).
This is a despicable bill. You can read it yourself. It's SB89.
jat 2 months ago
Adelle Park, you are sadly mistaken in one of your evaluations of Mr. Tillman. As a school administrator, he would know that several of the bills he and his party have passed have been devastating to the students of North Carolina. He would know that the solutions that have been proposed by him and his party have not addressed the problems they are attempting to fix. His actions, as an educator in a legislative position, are despicable. As far as pay day loans go, just because people might not go to loan sharks if we have them doesn't make it morally right. Just because we need jobs doesn't make fracking worth the risk. It will only take one mistake. When that mistake happens, it's too late. Hopefully, if he was truly a quality school administrator, his conscious will get to him and he will start thinking about the best interest of all children and do right by them. Hopefully, he will support jobs that do not put citizens at risk from unethical, harmful, or otherwise potentially hazardous situations.