Holly Petraeus
“The way I read that is you are not going to make a… payday loan to a service member on active duty, or their family.”
Better Business Bureau’s Military Line consultant Holly Petraeus believes that the National Defense Authorization Act for Fiscal Year 2007 effectively bans payday loans to military members…
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Terry Goodman
“Very frankly, the harder I can make it on these folks to locate in the city of Overland Park the better.”
Overland Park City Councilman Terry Goodman wants to make it tougher for payday lenders to open up shops in his city…
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Kelly Griffith
“Payday loans are not access to credit, they are access to debt… When you give someone a payday loan, you’re not throwing them a life vest, you’re throwing them an anchor, and they’re going to go down faster.”
Advocacy group director Kelly Griffith believes that payday loans harm the poor and underbanked…
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Paul Belanger
“The bottom line is that if its says ‘no credit check’, if it says its ‘easy’, you want to be a little careful–it’s gonna cost you. If you want to pay that price, then I can’t tell you not to, but you need to be aware, you need to be educated about what this money is costing you.”
Navy-Marine Core Relief Society director Paul Belanger warns borrowers about the high cost of payday loans…
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Senator Chuck Gray
“[Payday loan] facilities are not something that government should condone… I don’t think they’ve brought anything to society that is of any worth, so I’m hoping they will pack up and leave the state. Either that or live with 36 percent interest.”
State Senator Chuck Gray of Mesa, Arizona, would like payday lenders to leave his state and introduced a bill that would limit payday loan interest rates to 36% APR…
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John Jones
“Payday lenders are targeting people who are vulnerable. They are sucking the lifeblood of people in our neighborhoods.”
Consumer advocate John Jones made this statement after Washington state regulators levied a record total of $1.2 million in fines against two payday loan companies…
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Susan Lupton
“The payday lending business model is incredibly inefficient… They have to flip borrowers repeatedly to make any money. If held to a cap, it’s just not going to be a profitable environment for them.”
Susan Lupton of the Center for Responsible Lending said that payday loan companies in North Carolina could not make enough money under the 36% rate cap imposed in 2001…
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Amanda Cyphers
“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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Julian Bond
“This is hard-earned cash being siphoned out of the wallets of working people… This $4.2 billion is much-needed monthly benefits being squeezed out of the pocketbooks of retired and disabled folks.”
NAACP Chairman Julian Bond made this statement after consumer advocates published a report claiming that the payday loan industry made $4.2 billion in “excessive fees” last year…
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Governor Arnold Schwarzenegger
“Our servicemen and women should not have to worry about financial predators trying to take advantage of their deployment situation.”
California Governor Arnold Schwarzenegger attacks payday lenders who offer loans to military personnel…
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