Payday lending executive makes the case in the Kansas City Star
June 22, 2008 | Missouri, positive media coverage | Comments (0)Darrin Andersen, President and Chief Executive Officer of QC Holdings, one of the nation’s largest payday lenders, was interviewed by the Kansas City Star for this story. Andersen, a member of CFSA’s board of directors, explains the industry’s business practices in terms that everyone can understand. From the piece:
QC insists that it has nothing to gain and everything to lose from entrapping borrowers in endless spirals of debt.
“It’s a totally misguided criticism,” Andersen said. “We have no real ability to go after borrowers for any more money than they owe us. We can’t accrue interest or late fees.”
He added: “It’s just not a good long-term business strategy for us to entrap people. Our intent is to fill a need for short-term, unexpected expenses for a short period of time.”
Kudos to reporter Dan Margolies and the Kansas City Star for being fair and balanced, talking to researchers, and devoting enough space in the paper to present both sides.
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