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…
The study, entitled “Financial Quicksand,” claims payday lenders in the United States made $4.2 billion in “excessive” fees during 2005.
Anderson characterized the study as misleading but does not dispute the $4.2 billion figure. In fact, he believes it shows that payday loans are an essential tool for people with short-term credit needs:
“The bottom line is that consumers spend $4.2 billion a year for a product they choose over the alternatives.”
Darrin Anderson is president of the Community Financial Services Association (CFSA), a payday loan industry trade group, and QC Holdings.
Source: Payday Loan Study Shows Hidden Cost by James Temple (Contra Costa Times)
Related Quote: Darrin Anderson
Payday loans are the most expensive form of credit and are even more expensive than loan sharks. If possible, please consider payday loan alternatives.
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