Terry Roy

Posted by on Nov 3, 2007 in Proponent, Quotes

“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…

According to the Concord Monitor, Roy voiced his beliefs in testimony before the New Hampshire House Commerce Committee last month in an attempt to stop a proposal to cap interest rates for payday loans at 36% APR (Annual Percentage Rate).

Roy said that the proposed legislation would kill the industry but not the need – consumers would be forced to transfer their sensitive financial information online and do business with internet lenders who are not regulated by New Hampshire laws.

Roy also said that legislating payday loan businesses out of New Hampshire would ultimately burden the local welfare infrastructure:

“We (payday lenders) help people get the money they need to prevent their electricity or their telephone from being shut off… Without us there is a likelihood that more people will turn to local welfare for help. We allow them to conduct a business transaction that helps them take care of themselves. “

Terry Roy is co-owner of Main Street Payday Advance with Curtis Graham. Both are permanent New Hampshire residents (Roy was raised there and Graham has lived there for 20 years). They currently have three brick-and-mortar locations in Claremont, Concord and Lebanon, New Hampshire. In accordance with New Hampshire law, they do not process loans online.

Sources:
In His Own Words – Payday Lending Cap would Harm Borrowers – 36 Percent Rate would Kill a Needed Service by Terry Roy (Concord Monitor Online)
Main Street Payday Advance (Official Website)

Brick-and-mortar payday lenders legally licensed in your state of residence are always safer than internet lenders. Going online introduces personal information risks, financial risks and may expose you to unwanted commercial messages. If local payday lenders have been driven out of business, you have exhausted all other payday loan alternatives and feel you must go online for your cash loan needs, please minimize your exposure by adhering to our Payday Loan Checklist – Ten Things You Must Do Before Applying for an Online Payday Loan, Payday Loan Checklist – Six Things You Must Do After Taking Out an Online Payday Loan and reading through the useful information in our Payday Loan Tips and Payday Loan Pitfalls categories.

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