Payday Pundit

From today’s Hutchinson (Kansas) News:

Hutchinson alone houses 14 national and local cash-advance loan companies, according to the Office of the State Bank Commissioner. That number has grown by two since August 2007.

“If it isn’t a service, why are so many people seeking our help,” Strong said. “And we are not talking about just the poor. I have had teachers, police officers, businessmen in here needing a loan. These short-term loans are a service consumers are happy to have. For some, it is their only choice.”

For Wingert, the self-employed house cleaner, on Tuesday, the $100 from Mike’s was his only option, in his opinion. While he hadn’t contacted any credit unions, he wasn’t interested in that process.

Mike Strong has been out in front before defending the payday lending industry.   Keep it up, Mike.