Luanne Stoltz
“It’s like going to buy a latte at Starbucks… You pay more than you should, but it’s convenient.”
Luanne Stoltz, vice president of the Oregon Community Financial Services Association, compares payday loans to lattes…
Stoltz believes payday loan regulations are well-intentioned but counterproductive and that her customers are grateful for the service she provides. According to her, payday legislation that caps interest rates happens because:
“We’re a society that loves to have victims… There are a very small percentage of our customers who frankly abuse the product. I feel bad for them when this happens, but they are not the ones who suffer: I’m the one without the money! … They chose to take out more payday loans than they could pay, and now they’re in a pickle. They make a great story, a sad sob story. It’s the picture we love in America—the poor down-and-out person, we have to help them, and the bad person who loaned them the money is the reason they’re there.”
Luanne Stoltz is vice president of the Oregon Community Financial Services Association and proprietor of Anydays Payday Loan in Oregon.
Source: Economic Populism Proves Popular (In These Times)
If you would rather avoid the ‘Starbucks Latte’ of loans, there are payday loan alternatives.
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