Comments on: Ohioans for “individual responsibility” http://paydaypundit.org/2008/07/30/ohioans-for-individual-responsibility/ News and Information About The Payday Lending Industry Tue, 15 Jun 2010 10:29:51 -0700 http://wordpress.org/?v=2.9 hourly 1 By: John's critic http://paydaypundit.org/2008/07/30/ohioans-for-individual-responsibility/comment-page-1/#comment-730 John's critic Thu, 31 Jul 2008 00:32:21 +0000 http://paydaypundit.org/?p=1086#comment-730 good point, unfortunantly "John" is so confused by his "facts" that he is telling everyone that we loan and "prey" on the military. good point, unfortunantly “John” is so confused by his “facts” that he is telling everyone that we loan and “prey” on the military.

]]> By: darren http://paydaypundit.org/2008/07/30/ohioans-for-individual-responsibility/comment-page-1/#comment-717 darren Wed, 30 Jul 2008 16:56:12 +0000 http://paydaypundit.org/?p=1086#comment-717 I guess the question I have for John is how would this lady have paid for her car to begin with?Your comment on interest and fees to cover added risk from people with credit imperfections is silly.If you lent 100.00 in hopes to make 15.00 profit and the person didnt pay you back does that 15.00 cover the risk?contains abusive terms?EXAMPLE PLEASE??? Conditions that trap borrowers?Two week loans set up to fall on a persons payday?Bars trap people into drinking ,church traps people,into praying,Mcdonalds traps people into eating.hmmm I see now.Doesnt take into account the customers ability to repay the loan ...NOW THAT MAKES SENSE .If they cant pay us back then how are we gonna make money ?Thats just dumb.Often violates fair lending laws by targeting women,minorities and commuities of color.We offer loans to everyone regaurdless of race or gender,and several payday loan store owners are of color or woman.You also state we are peddling a bad product that hurts those that use it?96% of payday loan customers consider it a valuable service.accourding to a study done by cypress research group in 2006.People who have a big problem with payday loans are people who dont use the product responsibly,or make a living and in some cases a six figure salary defending those who are smart enough to pay taxes but not smart enough to decide if a payday loan is right for them. I guess the question I have for John is how would this lady have paid for her car to begin with?Your comment on interest and fees to cover added risk from people with credit imperfections is silly.If you lent 100.00 in hopes to make 15.00 profit and the person didnt pay you back does that 15.00 cover the risk?contains abusive terms?EXAMPLE PLEASE??? Conditions that trap borrowers?Two week loans set up to fall on a persons payday?Bars trap people into drinking ,church traps people,into praying,Mcdonalds traps people into eating.hmmm I see now.Doesnt take into account the customers ability to repay the loan …NOW THAT MAKES SENSE .If they cant pay us back then how are we gonna make money ?Thats just dumb.Often violates fair lending laws by targeting women,minorities and commuities of color.We offer loans to everyone regaurdless of race or gender,and several payday loan store owners are of color or woman.You also state we are peddling a bad product that hurts those that use it?96% of payday loan customers consider it a valuable service.accourding to a study done by cypress research group in 2006.People who have a big problem with payday loans are people who dont use the product responsibly,or make a living and in some cases a six figure salary defending those who are smart enough to pay taxes but not smart enough to decide if a payday loan is right for them.

]]> By: Jon Schultz http://paydaypundit.org/2008/07/30/ohioans-for-individual-responsibility/comment-page-1/#comment-713 Jon Schultz Wed, 30 Jul 2008 15:35:33 +0000 http://paydaypundit.org/?p=1086#comment-713 The fact is, John, that you don't read or ignore the rebuttals to your invalid points which are made here, and just keep repeating them over and over. Please see the testimony of Professor Tom Lehman to the Ohio General Assembly, which the Pundit linked to yesterday: http://www.buckeyeinstitute.org/article/1128 You tell us where he is wrong. The fact is, John, that you don’t read or ignore the rebuttals to your invalid points which are made here, and just keep repeating them over and over. Please see the testimony of Professor Tom Lehman to the Ohio General Assembly, which the Pundit linked to yesterday:

http://www.buckeyeinstitute.org/article/1128

You tell us where he is wrong.

]]> By: John http://paydaypundit.org/2008/07/30/ohioans-for-individual-responsibility/comment-page-1/#comment-711 John Wed, 30 Jul 2008 14:26:55 +0000 http://paydaypundit.org/?p=1086#comment-711 The CBS report on payday lending was a much better piece. We hear all day and night about personal responsibility from the payday lenders at the same time as they expect to be absolved of responsibility themselves. Let me give the payday lending industry another lesson on predatory lending. “A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit imperfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color. (Squires, 2004)” Payday lenders need to own up to the fact that they are peddling a bad product that hurts those that utilize it. The fact is that most who use payday loans shouldn't ever use them in the first place. The woman in the CBS piece said she's rather have the electricity shut off than go back to a payday lender. That's saying something! The CBS report on payday lending was a much better piece. We hear all day and night about personal responsibility from the payday lenders at the same time as they expect to be absolved of responsibility themselves. Let me give the payday lending industry another lesson on predatory lending. “A predatory loan has one or more of the following features: 1) charges more in interest and fees than is required to cover the added risk of lending to borrowers with credit imperfections, 2) contains abusive terms and conditions that trap borrowers and lead to increased indebtedness, 3) does not take into account the borrower’s ability to repay the loan, and 4) often violates fair lending laws by targeting women, minorities and communities of color. (Squires, 2004)” Payday lenders need to own up to the fact that they are peddling a bad product that hurts those that utilize it. The fact is that most who use payday loans shouldn’t ever use them in the first place. The woman in the CBS piece said she’s rather have the electricity shut off than go back to a payday lender. That’s saying something!

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