Darrin Anderson
“A payday loan at that rate would be unprofitable because it costs us $13 per $100 loaned, but we could only charge $1.38.”
Payday loan company and trade group president Darrin Anderson says that the 36% rate cap on loans to military members will make it impossible for payday lenders to issue loans to our armed forces…
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Anitra Foote
“I do always feel bad about paying all the fees, but it is convenient for me, and it’s better than asking family members for a loan.”
Financial analyst Anitra Foote, who makes about $45,000 a year, has taken out 10 online payday loans…
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Scott Somers
“People go into debt. They borrow over and over again… We’re not banning credit cards.”
City Council member Scott Somers said that someone’s bad financial decision would not be changed by a council vote to restrict payday loan shops in Mesa, Arizona…
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State Representative Jan P. Malik
“As a businessman… [payday lending is] just another option – another service to the state of Rhode Island.”
Rhode Island Legislator and business owner Jan P. Malik believes that payday lenders provide a service to the community and compared payday loans to liquor…
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Elizabeth Duncan
“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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Minister Jamie Muir
“Quite frankly, these businesses exist, and they do have an apparent place because they are very popular.”
Service Nova Scotia and Municipal Relations Minister Jamie Muir believes payday loans have a place and said that Nova Scotia will change their consumer protection laws to better protect borrowers…
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Michael Rinoldo
“Customer protection went right out the window.”
Payday lender Michael Rinoldo believes that Michigan’s strict payday loan legislation forces consumers to use online companies that aren’t regulated by the state, carry more risks and are more expensive.
He also denied claims that the payday loan industry targets the poor…
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Kenneth Compton
“We created our Choice Line of Credit product expressly to comply with the laws of Pennsylvania… Many Pennsylvanians have chosen to use our line of credit since it was introduced in June, which we believe is evidence of the growing value consumers place on such forms of convenient, unsecured loans.”
Advance America CEO Kenneth Compton responds to a Pennsylvania lawsuit supported by Governor Edward Rendell…
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Bill Taylor
“When a bank charges $38 for a bounced $10 check, what is the ‘interest rate’ on that?”
Payday lender Bill Taylor attacks bounced check protection…
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Lyndsey Medsker
“The critics of this industry are very quick to criticize payday advances, but they’re very slow to offer realistic alternatives for people.”
Payday loan trade group spokeswoman Lyndsey Medsker attacks critics of her industry…
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