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…
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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…
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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…
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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…
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Norman Jacko
“If I had a choice, I wouldn’t [use payday loans]… The job right now is just not cutting the mustard. You gotta do what you gotta do… I’m just barely getting along paycheck to paycheck…”
Mechanic Norman Jacko describes his reasons for using payday loans and shares his thoughts on whether payday lenders target miniorities…
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Tommy Moore
“It is discouraging that a paper as prestigious as the Washington Post failed to do its homework on our issue. We offered to sit down with the editorial writer who refused to meet us. Instead she took the word of a disingenuous anti-business activist group, the Center for Responsible Lending, reprinting their factually inaccurate charges verbatim from their talking points.”
Recently appointed CFSA Executive Vice President Tommy Moore attacked a Washington Post editor and the Center for Responsible Lending over an editorial that opposed payday lending…
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Jamie Fulmer
“Are you going to start zoning out McDonald’s because it’s bad for your health? If you take away our product, all you’ve done is take away one of the tools that folks have to choose from when they find themselves in need of money?”
Advance America director Jamie Fulmer opposes zoning laws that make it harder for new payday loan shops to open…
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Rose Tubens
“It’s a never-ending cycle, I realize. But for some of us with low-incomes, that’s the only way we have to survive.”
Payday loan consumer Rose Tubens believes that cash advance lenders offer a necessary service to people with no credit…
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Darrin Anderson
“Appropriate state regulations provide strong protections for consumers, while ensuring continued access to choices for short-term credit needs… That same principle should apply in cyberspace.”
Payday loan industry trade group president Darrin Anderson believes that online lenders should be licensed in each state where they do business and has introduced a new guideline for member companies…
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James Wood
“Let a consumer be a consumer… If it don’t suit you, don’t do it.”
Payday lender James Wood believes that the government should not be intruding into consumers’ lives and that borrowers should have the freedom to choose financial products that suit them…
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