Online Payday Loans

“This is potentially moving the payday loan transaction from the payday-lending shop to the grocery store.”

Consumer advocate Al Ripley attacks supermarket chain’s new deferred payment scheme…
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“I think the perception is important… When you start to see one of these businesses at every corner and see more (of them) than gas stations, it affects the image of our city.”

Henderson City Councilwoman Amanda Cyphers believes that payday loan shops hurt her city’s image…
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“Payday lenders target young, inexperienced borrowers who have steady incomes, but little savings to fall back on… They often have flawed credit and do not qualify for traditional loans.”

Ann Evans of the Navy Marine Corps Relief Society believes military personnel make ideal targets for payday lenders…
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“During the holiday shopping season, consumers are flooded with a deluge of advertisements for payday loans appearing in the newspapers and on the radio… I recently saw a payday loan ad offering free turkeys and another shop is offering free t-shirts that say ‘It’s better than borrowing from your mother.’ The reality is that these loans will take the shirt right off of your back with costly fees and outrageous interest rates.”

Illinois Attorney General Lisa Madigan warns consumers to be wary of payday loan advertisements…
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“With fees and interest, people with one of these loans (payday loans) wind up paying interest of 40% to 500% and as a result a lot of people are going bankrupt quicker because they don’t have access to ordinary banking services.”

At a speech in Detroit on Sunday, Former President Bill Clinton urged people to put pressure on banks to open up their businesses to lower-income families…
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“I have never yet seen a military service member that said he was glad he borrowed from a payday lender…”

Navy-Marine Corps Relief Society director Bill Kennedy relates his experiences from working at the nonprofit organization that provides financial assistance to members of the US navy…
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“With payday loans, people get trapped. Every payday they’re broke. You can’t get out… We wanted to offer our members an opportunity to break the cycle.”

Nevada Federal Credit Union president Brad Beal wants to help members of his credit union break out of the cycle of debt by offering a payday loan alternative…
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“It seems to us that this bent for legislation is in response to the payday loan industry wanting to improve its position substantially from where it is now and legalize these interest charges that people are hit with… It’s very sad that people need payday loans badly enough to pay these rates.”

Consumers’ Association of Canada (CAC) president Bruce Cran comments on the Canadian Payday Loan Association (CPLA) president’s push for national regulations…
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“The only thing lacking right now… is enforcement of the law.”

According to an article entitled High Interest: Protecting the Illegitimate Profits of Payday Lenders, Canadian consumer advocate Bruce Cran believes that existing federal legislation* is sufficient but needs to be enforced.

*Under the Canadian Criminal Code, lenders cannot charge more than 60% APR.

He also has some interesting advice for Canadian borrowers who owe large amounts of interest to payday loan shops…
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“This is really payday lending on steroids… it’s one way to keep trying to put this product out that everyone knows is toxic to consumers.”

Supermarket chain Bi-Lo’s new “BonusPay” system worries Chris Kukla at the Center for Responsible Lending…
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