Dennis Brassford
“A 36 percent APR is a flat-out prohibition of this industry… That means that this product will no longer be offered the way you see it being offered here in this store or other storefronts in the State of Washington.”
Financial Service Centers of Washington president and payday loan shop owner Dennis Brassford believes that the 36 percent rate cap on loans to military members is a de facto ban on payday lending…
In an article by Connie Thompson, Brassford said the rate cap would drive payday lenders out of the market:
“At 36 percent, the fee that you generate is 10 cents a day, on a hundred dollar loan. On a two-week loan you’re gonna make $1.40. No, this product cannot be delivered, this choice cannot remain in the marketplace, at that price.”
This view is also held by Darrin Anderson, Lyndsey Medsker and Larry Nuckols.
Dennis Brassford owns Money Tree and is president of Financial Service Centers of Washington, a payday loan industry trade group.
Source: Payday Lenders Face Calls for Increased Regulation by Connie Thompson (KOMO-TV)
Related Quote: Dennis Brassford
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