“I believe the people who oppose us the most are people who have never used our product, people who have never had the need to use our product, and will never have the need to use our product.”
Payday lender and trade group president Dennis Brassford defends his industry and opposes government tracking of payday loans…
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“A 36 percent APR is a flat-out prohibition of this industry… That means that this product will no longer be offered the way you see it being offered here in this store or other storefronts in the State of Washington.”
Financial Service Centers of Washington president and payday loan shop owner Dennis Brassford believes that the 36 percent rate cap on loans to military members is a de facto ban on payday lending…
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“Now it’s going to be very difficult for a payday lender to come into West Virginia.”
West Virginia Deputy Attorney General Jill Miles said today after the only payday lender in West Virginia left the state…
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“I recommend that the Board set the maximum fee for payday lending in the range of $20 to $23 per $100 of payday loan. A fee of $23 would allow smaller companies to operate in Manitoba, allowing the forces of competition to operate more fully.”
Doctor Lawrence I. Gould, Professor of Finance at the University of Manitoba, believes that the maximum fee for payday loans should be $23 per $100 borrowed…
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“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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“We find that in states with higher payday loan limits, less educated households and households with uncertain income are less likely to be denied credit, but are not more likely to miss a debt payment. Absent higher delinquency, the extra credit from payday lenders does not fit our definition of predatory.”
Federal Reserve Bank of New York research officer Donald P. Morgan believes that payday loans are not predatory…
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“To economists, this predator-prey concept of credit seems foreign. If credit is so expensive that lenders are earning abnormal profits (given their risks and costs), why don’t new lenders enter the market to compete rates down to fair levels.”
Federal Reserve Bank of New York research officer Donald P. Morgan disagrees with consumer advocates who claim that payday lenders earn excessive profits…
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“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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