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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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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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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Bernie Harrington
“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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Darrin Anderson
“This rehash of flawed statistics is designed for publicity purposes, not a serious discussion of consumer lending needs.”
Payday loan industry trade group president Darrin Anderson attacks a recent payday loan study by the Center for Responsible Lending…
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Dennis Brassford
“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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Dennis Brassford
“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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Senator Tim Johnson
“This time it’s military… Who’s to say it isn’t going to be widows and orphans or other sympathetic groups in the future? We need to address the needs of people who have short-term, low-denominational credit needs, but I fear that the legislation we passed is going to have unintended consequences that were not fully thought through.”
South Dakota Senator Tim Johnson believes that the cap on payday loans to military personnel may interfere with the larger national credit system…
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John Reich
“…FDIC has developed the reputation of being soft on payday lending because we have not exclusively restricted payday lending activities. I think it is our view that there is a market of underserved people who are being served by payday lending, and that certain kinds of payday lending activities, if tightly supervised and controlled, do not represent safety and soundness concerns to the banks who engage in those activities.”
Federal Deposit Insurance Corporation (FDIC) vice chairman John Reich expressed his views on payday lending at the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit…
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Charles M. Horn
“While the principal customer base of the payday lending industry is lower-income and lower-middle-income consumers, as a general matter these consumers must have at least a steady job, a bank account and a social security number in order to qualify for a payday loan.”
In an essay entitled Regulation and Self-Policing will Influence Consumers’ Access to Payday Loans, Washington D.C. lawyer Charles M. Horn challenges the notion that payday loan consumers are the poorest, low-income people…
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