“I think a lot of people have realized it is cheaper to get a loan from us than bounce a check, and a lot of people use us for emergency money.”
Donna Cassun of Advance Pay in Tooele, Utah, defends payday loans by claiming they are less expensive than bounced checks…
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“The vast majority of people who take out payday loans utilize the service responsibly. However, there are a small number who do not… This irresponsible minority is driving the debate and the opposition to payday loans.”
Payday loan shop employee Doug Jones defends his industry against opposition he believes is driven by a small number of borrowers who abuse payday loans…
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“I know the interest is high… but sometimes you do what you have to do.”
Elizabeth Duncan earns a straight commission and is not paid regularly. She has taken out payday loans…
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“Computing charges on an annual basis simply does not make sense in evaluating the real cost of a short term product whose anticipated usage will seldom exceed 14 to 30 days at the most. Using an APR analysis for deferred deposit service charges is comparable to a pedestrian in New York City hailing a cab and asking about the fare to San Francisco. There is a theoretical fare, just as there is a theoretical APR for a deferred deposit service advance, but nobody enters into a transaction with the intent to pay or receive anything like that amount.”
This quote appears in the paper Freedom of Choice for Consumers: The Truth about Deferred Deposit Services – A Reasoned Response to the CFA’s Misrepresentations by the Financial Service Centers of America (FiSCA)…
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“It’s a very useful financial tool for people when they have unexpected expenses like their car breaks down or they have a little financial hiccup before their next payday. I can’t imagine what would happen if anyone took it away. They would be in a real financial lurch.”
Payday lender Ian A. MacKechnie believes his business, Amscot, offers a service many people need…
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“It’s consumer demand… There’s an enormous demand for this type of service. Our advertising is good, but it’s not that good.”
Payday lender Ian A. MacKechnie says consumer demand is the driving force behind his industry…
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“It’s like everyone who drinks a glass of wine is not an alcoholic.”
Payday lender James Wood believes that blaming payday loan shops for borrowers who suffer financial hardship because they abuse payday loans is like blaming liquor shops for drinkers who struggle with alcoholism…
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“Let a consumer be a consumer… If it don’t suit you, don’t do it.”
Payday lender James Wood believes that the government should not be intruding into consumers’ lives and that borrowers should have the freedom to choose financial products that suit them…
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“That’s about what banks charge for you to take your own money out of an ATM and the banks carry no risk doing that… But somehow we are supposed to loan money to a customer, absorb the risk and charge the same things that banks charge. That just doesn’t make any sense. We couldn’t even cover our operating costs that way.”
Advance America director Jamie Fulmer says that payday lenders could not survive on a proposed rate cap of 72% APR. The rate cap works out to about $3 per $100 borrowed on a two-week loan…
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“Are you going to start zoning out McDonald’s because it’s bad for your health? If you take away our product, all you’ve done is take away one of the tools that folks have to choose from when they find themselves in need of money?”
Advance America director Jamie Fulmer opposes zoning laws that make it harder for new payday loan shops to open…
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