Doug Jones
“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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Donald P. Morgan
“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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Sheila C. Bair
“There is a huge demand for small-dollar, unsecured loans, but there are far too few low-cost options available for consumers.”
Federal Deposit Insurance Corporation (FDIC) chairman Sheila C. Bair believes banks should offer low cost alternatives to payday loans…
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Cynthia Smith
“I think it’s wonderful for people that need the money… A lot of people live day to day.”
Payday loan consumer Cynthia Smith offered this praise as she left a payday loan shop in Richmond, Virginia…
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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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Darrell Wells
“The average person in [the payday loan] business is not making a ton of money… If I could offer this product at a lower price, I’d already be doing it. It would be a huge competitive advantage.”
Payday lender Darrell Wells claims that he cannot lower his prices any further and that a proposed rate cap of 36 percent APR would effectively kill his small payday loan business…
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Patricia Davis
“I was a middle-class working person… I had a good job at Microsoft, a mortgage, a car, a lot of credit cards.”
Former Microsoft employee Patricia Davis never thought that she would have to take out a payday loan…
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Circuit Judge Elizabeth Maass
“It would be virtually impossible for Ms. Reuter, or anyone in a similar position, to obtain competent individual representation for the types of claims brought here.”
Palm Beach Circuit Judge Elizabeth Maass ruled that Florida payday loan consumers can bring claims through class action arbitration even though the payday loan contracts they signed contain a provision that forbids class-wide arbitration…
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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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