Online Payday Loans

“This is potentially moving the payday loan transaction from the payday-lending shop to the grocery store.”

Consumer advocate Al Ripley attacks supermarket chain’s new deferred payment scheme…
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“Another misconception spread by consumer groups is the portrayal of payday [loan] customers as “poor and uneducated.” They intentionally confuse payday-loan customers with active checking accounts with the “unbanked” check-cashing customers.”

Payday lender Allan Jones claims that consumer advocates intentionally mischaracterize his customer base…
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“I think the perception is important… When you start to see one of these businesses at every corner and see more (of them) than gas stations, it affects the image of our city.”

Henderson City Councilwoman Amanda Cyphers believes that payday loan shops hurt her city’s image…
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“It’s a way to access the banking system by people who can’t access it in other ways. We do it, too. You and I access money we need by using our credit cards.”

Financial advisor Amy Gibb believes that payday loan companies and pawn shops are simply banks for the unbanked…
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“I do always feel bad about paying all the fees, but it is convenient for me, and it’s better than asking family members for a loan.”

Financial analyst Anitra Foote, who makes about $45,000 a year, has taken out 10 online payday loans…
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“Payday lenders target young, inexperienced borrowers who have steady incomes, but little savings to fall back on… They often have flawed credit and do not qualify for traditional loans.”

Ann Evans of the Navy Marine Corps Relief Society believes military personnel make ideal targets for payday lenders…
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“During the holiday shopping season, consumers are flooded with a deluge of advertisements for payday loans appearing in the newspapers and on the radio… I recently saw a payday loan ad offering free turkeys and another shop is offering free t-shirts that say ‘It’s better than borrowing from your mother.’ The reality is that these loans will take the shirt right off of your back with costly fees and outrageous interest rates.”

Illinois Attorney General Lisa Madigan warns consumers to be wary of payday loan advertisements…
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“This is great sound-bite legislation… House Bill 29 would not allow this industry to survive in the state of Montana. It’s a prohibition bill.”

Payday lender trade group president Bernie Harrington believes that Bill 29, which seeks to cap payday loan interest rates at 36% APR, would kill his industry…
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“With fees and interest, people with one of these loans (payday loans) wind up paying interest of 40% to 500% and as a result a lot of people are going bankrupt quicker because they don’t have access to ordinary banking services.”

At a speech in Detroit on Sunday, Former President Bill Clinton urged people to put pressure on banks to open up their businesses to lower-income families…
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“I have never yet seen a military service member that said he was glad he borrowed from a payday lender…”

Navy-Marine Corps Relief Society director Bill Kennedy relates his experiences from working at the nonprofit organization that provides financial assistance to members of the US navy…
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