Payday Pundit

So says CFSA’s Tommy Moore in a letter to Ohio’s Zanesville Times Recorder.  More from letter:

Let’s be clear: A 28 percent annual rate cap is a ban on payday lending. A 28 percent APR cap allows a fee of less than 8 cents a day, which is not enough to pay salaries and benefits, rent or other overhead costs.

Independent research has shown that without the option of payday lending, consumers bounced more checks, filed for more bankruptcies, did not pay bills and even chose such dangerous options such as forgoing prescription medications.