Kenneth Compton
“We apologize for any hardship the elimination of this trusted, short-term financial option may cause the men and women who are dedicated to the service of our country. We also hope the elimination of this option does not push individuals into more expensive and/or unregulated forms of credit.”
Advance America CEO Kenneth Compton said that his company will no longer provide payday loans to military personnel…
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Kevin MacDonald
“I invite City Council members to visit our [payday loan] stores and see what we do. However, if they do succeed in closing all of us down, I guess I’ll send my customers to them for a $50 loan when they need a little gas and groceries till they get paid. We provide a legitimate service to people who need small loans…”
Pawnshop veteran and payday lender Kevin MacDonald invites Jackson City Council members to visit his shop and educate themselves about his business before enacting legislation…
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Michael Thompson
“We believe, just from a fundamental business perspective, a protected consumer is a happy customer. So we think it’s the right thing to do.”
In an article by Stephane Massinon, Canadian Payday Loan Association president Michael Thompson said his industry would be better off if the government brought in new rules that all payday lenders would have to follow…
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Community Financial Services Association
“Just as you understand that taxi services are valuable and convenient when used for short-term travel needs but are inefficient to use for long-term travel needs, payday advance services are economical and convenient when used for short-term cash needs. But they are inappropriate to use for long-term or continuing cash needs.”
The Virginia-based payday lender trade association compares their product to a taxi…
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Amy Gibb
“It’s a way to access the banking system by people who can’t access it in other ways. We do it, too. You and I access money we need by using our credit cards.”
Financial advisor Amy Gibb believes that payday loan companies and pawn shops are simply banks for the unbanked…
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Lyndsey Medsker
“The reason payday lenders are in business is they do offer a service that other businesses don’t offer.”
Payday loan trade group spokeswoman Lyndsey Medsker defends her industry…
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Professor Chris Robinson
“Having access to short-term, unsecured credit is a good thing, especially for many low-income people… And if new competition brings down the rates, that’s good.”
Finance professor Chris Robinson supports legislation that would take the payday loan industry mainstream…
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Bruce Hallsor
“Whether or not this is the best way for people to borrow money, it’s a legitimate option in the marketplace.”
Lawyer Bruce Hallsor believes payday loans are a choice that should be made available to people who have a poor credit rating and can’t get loans from banks…
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Ian MacKechnie
“It’s consumer demand… There’s an enormous demand for this type of service. Our advertising is good, but it’s not that good.”
Payday lender Ian A. MacKechnie says consumer demand is the driving force behind his industry…
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Ian MacKechnie
“It’s a very useful financial tool for people when they have unexpected expenses like their car breaks down or they have a little financial hiccup before their next payday. I can’t imagine what would happen if anyone took it away. They would be in a real financial lurch.”
Payday lender Ian A. MacKechnie believes his business, Amscot, offers a service many people need…
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