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…
He also argues that his payday loan charge is a ‘fee’ and not interest:
“We are required to post a conspicuous sign stating the ‘interest’ rate that we charge. However, the contract that each customer signs clearly states that the charge is a fee, and not interest.”
Bill Taylor owns two payday loan businesses in Jackson.
Source: Proposed Loan Rules ‘Ridiculous’ (The Clarion-Ledger)
Recent Posts:
- 05/05/2009: CompareCashLoans.com Gets a Facelift
- 06/16/2008: Demographic Study of Online Payday Loan Consumers
- 05/26/2008: Daniel O’Sullivan
- 04/24/2008: Update: Payday Loan Laws that Hurt Consumers
- 04/07/2008: Manitoba Public Utilities Board
Random Posts:
- 12/27/2006: Circuit Judge Elizabeth Maass
- 02/17/2007: Donald P. Morgan
- 08/24/2006: Professor Chris Robinson
- 01/22/2008: P2P Lending
- 07/25/2006: Modest Needs