Steven Schlein
“People want two-week, low-denomination loans… That’s very clear – the market has spoken.”
Steven Schlein, a payday lenders trade association spokesman, defends the industry…
In an article entitled Payday Loans Become Target in Washington, Schlein said that laws to cap interest rates for military loans at 36% APR would limit consumer options. On a $100 loan, it would equate to only $1.38 for the lender making it “too low to allow for the loan.”
In the same article, it was mentioned that “5,400 sailors and Marines had lost security clearance, most of them as a result of financial problems that often begin with payday loans.”
To this, Schlein responded that his trade association required ethical practices which include a limit of four rollovers per loan and not contacting a soldier’s employer.
Steven Schlein is a spokesman for the Community Financial Services Association.
Source: Payday Loans Become Target in Washington (St. Louis Post-Dispatch)
If you are in the military, please visit Interest Free Loans for Military Personnel in our Payday Loan Alternatives category.
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