Daniel O’Sullivan
“Fifteen is the magic number… Once it gets below $15, the attractiveness of the product goes away exponentially, given the fact that loan losses can be quite significant.”
Equity analyst Daniel O’Sullivan believes that a payday loan shop must charge a minimum of $15 per $100 borrowed to remain profitable…
a WordPress rating system
Manitoba Public Utilities Board
“The Board anticipates that the maximum charges established by this Order will result in some, if not many, payday lenders exiting Manitoba, and acknowledges that such a result will bring transitory hardship to some payday loan borrowers who will either have to establish an alterative source of credit or do without.”
According to Maximum Charges for Payday Loans, a report released by the Manitoba Public Utilities Board, the Board expects that their recently imposed rate cap of $17 per $100 borrowed (to a maximum of $500) will drive many payday lenders out of business and cause hardship to borrowers…
a WordPress rating system
Christopher Lewis Peterson and Steven M. Graves
“This analysis suggests that… the payday lending industry has now fundamentally transformed the financial services sector catering to lower income Americans. Moreover, our findings should serve as conclusive proof that conservative Christian Americans are a prime demographic target of the payday lending industry.”
Christopher Lewis Peterson and Steven M. Graves came to this fascinating conclusion in a paper entitled Usury Law and the Christian Right: Faith Based Political Power and the Geography of the American Payday Loan Regulation.
Although the paper itself is due to be released this spring, a draft copy of the full report and raw data (including detailed maps) are available online…
a WordPress rating system
Meghan Hoyer
“It’s why neighborhoods with lower median incomes – such as Norfolk’s Berkley and Portsmouth’s Brighton/Prentis Park – have no payday lenders, while Portsmouth’s solidly suburban subdivisions along Portsmouth Boulevard near Chesapeake Square Mall have a cluster of them.”
The Virginian-Pilot staff writer Meghan Hoyer found that payday lenders target middle-class neighborhoods and avoid poor areas of Portsmouth…
a WordPress rating system
Tasnuva Ahmed
“Sometimes [a payday loan] is your only option. I respect the fact that they’re there when you need them. You have bills, and you have to pay them. But I have never recommended this to anyone. You can’t catch up.”
Payday loan consumer Tasnuva Ahmed, who has been using cash advance loans regularly for two years, shares her experiences and offers some advice for would-be borrowers…
a WordPress rating system
Leo Sorensen
“The government of Manitoba has taken a very socialist attitude of where they want to go… Why are they regulating us? Are they telling Wal-Mart what to charge? Are they telling anybody else what to charge? It’s a free market.”
Payday lender Leo Sorensen believes that the government has no place telling a business what it can charge its customers. Sorenson, who in the past has compared the payday loan business to prostitution, claims he has every right to charge borrowers interest rates of more than 700% APR and even suggested that some of his customers may resort to stealing to pay bills if payday loans were not available…
a WordPress rating system
Doctor Lawrence I. Gould
“I recommend that the Board set the maximum fee for payday lending in the range of $20 to $23 per $100 of payday loan. A fee of $23 would allow smaller companies to operate in Manitoba, allowing the forces of competition to operate more fully.”
Doctor Lawrence I. Gould, Professor of Finance at the University of Manitoba, believes that the maximum fee for payday loans should be $23 per $100 borrowed…
a WordPress rating system
Gail Meyers
“What started as a short-term solution became a two-year financial nightmare.”
Gail Meyers describes her ordeal when a $300 payday loan turned into $2,500 of debt…
a WordPress rating system
Terry Roy
“The very consumers you are trying to protect will be harmed by higher interest rates charged by unregulated internet payday lenders… New Hampshire consumers will have to turn over access to their checking accounts to a company operated over the internet that they cannot visit, cannot build a relationship with, and in some cases, cannot trust. “
Brick-and-mortar payday lender Terry Roy believes that you cannot legislate away the need for short-term consumer loans. He believes that a proposed interest rate cap of 36% APR will drive payday lenders out of business, force borrowers to seek online payday loans and ultimately put more strain onto the welfare system in New Hampshire…
a WordPress rating system
Wendy Gibson
“We’ve had a lot of people upset. It has been hard the last few days telling them that we’re no longer able to make [payday] loans to people in the military.”
According to payday lender Wendy Gibson, armed forces personnel are upset over the Military Lending Act that went into effect on Monday because it limits their consumer loan choices…
a WordPress rating system