Allan Jones
“Another misconception spread by consumer groups is the portrayal of payday [loan] customers as “poor and uneducated.” They intentionally confuse payday-loan customers with active checking accounts with the “unbanked” check-cashing customers.”
Payday lender Allan Jones claims that consumer advocates intentionally mischaracterize his customer base…
In an editorial published today, Jones argued that his clients are well-educated and have steady incomes:
“Our typical customer is a female schoolteacher with unexpected car repairs, in addition to firemen, policemen, nurses and other hard-working citizens.”
Allan Jones is founder and CEO of Check Into Cash, one of the largest privately held payday loan companies in the United States.
Source: Facts Show Practices on Payday Loans Fair by Allan Jones (The Tennessean)
Senator Lowell Barron said that payday lenders exploit “the poorest, low-income people” but Washington D.C. lawyer Charles M. Horn disagrees. Payday lender James Wood also said his average customer is a middle-aged, married woman who makes about $24,000 per year.
Many payday lenders claim that their customer base is middle class but the Rhode Island Department of Business Regulation challenged the claims of one payday loan company.
Professor Howard Karger found that an increasing number of payday loan shops are appearing in middle-class neighborhoods.
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