Howling at the moon
August 22, 2008 | Daily Press, Virginia, industry, industry critics, media coverage, regulation, states | Comments (0)The Virginia Daily Press has yet another over-the-top editorial bashing the payday lending industry. Of course, one sentence in the editorial demonstrates that they still don’t know what a payday loan is:
Even with the limit set by the charade of a “reform” passed by this year’s General Assembly, repeat and repeat and repeat customers are the norm. And with fees and upfront charges, the effective interest rate still pushes 400 percent.
What “upfront charges” are those? We know of no payday lender that has “upfront charges.” And what’s wrong with having repeat customers? Doesn’t that mean consumers are happy with the service? Most editorial writers have an elitist’s distate for capitalism that oozes from every pore.
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