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…
Noting that many of his customers were doctors, teachers and other upstanding citizens with respectable jobs, he said:
“People think we take advantage of poor people, but it’s just not true… We don’t deal with poor people.”
Michael Rinoldo owns the Cash Now payday loan shop in Oak Park, Detroit.
Source: Payday Loan Firms Feeling the Pinch – Michigan Law, Sour Economy Take Toll by Jennifer Youssef (The Detroit News)
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