Professor Tom Lehman
“…allegations against the payday-lending industry are largely without merit, and generally reflect the views of “do-gooder” anticapitalist elites who abhor the “messy” and unplanned outcomes in low-income consumer finance markets. Rather than seeing payday lending practices as a creative extension of credit to poor households who may otherwise be without loans, these critics see it as yet another opportunity for government intervention in the name of “helping” the poor.”
Professor Tom Lehman defends the cash advance consumer loan business in an article…
Professor Lehman’s article appeared in Free Market. He is assistant professor of economics at Indiana Wesleyan University.
Source: In Defense of Payday Lending (Free Market)
Additional Information:
According to an article in Business Week Online, Professor Lehman was paid $1,000 to $2,000 by the Consumer Credit Research Foundation, an organization funded by the payday loan industry. Professor Lehman insists that he was paid only for the initial research, not the op-ed piece.
In the comments section of this article, an unnamed student at Indiana Wesleyan defended his professor:
I am a student at Indiana Wesleyan and would like to say that Professor Tom Lehman is a man of high integrity and firm values… To me, his word on this subject is as good as fact because of his reputation in the classroom and the character he displays everyday.
Source: This Opinion Brought To You By… (Business Week Online)
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