Bill Clinton
“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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James Wood
“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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State Representative Michael Thompson
“These things (payday loans) were never supposed to be a permanent fix in someone’s financial world… These were supposed to be a temporary fix for someone’s financial situation.”
State Representative Michael Thompson believes that it is not payday loan fees that drive people into debt but the number of loans taken out at any one time…
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Lee Miller
“Everybody needs an enemy, and instead of going after the problem, they want to take a swing at payday [lending].”
Payday loan industry trade group lobbyist Lee Miller defends his industry and believes opponents should look at the true cause of financial difficulties…
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Wendy Betts
“It got to the point I owed so much on payday loans, I couldn’t make my car payment… I think I had up to nine loans at one time. Each payday, I had to run from place to place to pay them off, roll them over or take out a new one.”
Payday loan consumer Wendy Betts describes her experience on the debt treadmill and how she got off of it…
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Dollar Financial Group
“Despite the demand for basic financial services, access to banks has become more difficult over time for many consumers. Many banks have chosen to close their less profitable or lower-traffic locations. Typically, these closings have occurred in lower-income neighborhoods where the branches have failed to attract a sufficient base of customer deposits. This trend has resulted in fewer convenient alternatives for basic financial services in many neighborhoods. Many banks have also reduced or eliminated some services that under-banked consumers need.”
According to Dollar Financial Group’s 10-K filing, demand for payday loans has increased because traditional financial institutions have turned their backs on lower-income neighborhoods…
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Rena McFadden
“The time to repay is too short. He’s been trying to talk to them, but they won’t talk… They want the money by the next pay day. How are you supposed to pay your bills?”
South Carolina resident Rena McFadden describes a nightmarish experience with payday loans…
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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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Allan Jones
“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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