Comments on: Comment of the Day http://paydaypundit.org/2008/12/02/comment-of-the-day-41/ News and Information About The Payday Lending Industry Tue, 22 Jun 2010 01:27:53 -0700 http://wordpress.org/?v=2.9 hourly 1 By: Mike Steele http://paydaypundit.org/2008/12/02/comment-of-the-day-41/comment-page-1/#comment-2585 Mike Steele Wed, 03 Dec 2008 15:07:11 +0000 http://paydaypundit.org/2008/12/02/comment-of-the-day-41/#comment-2585 The military 36% apr was attached to a military spending bill. Everyone acts like it was some great piece of legislation. Where are the facts? The military 36% apr was attached to a military spending bill. Everyone acts like it was some great piece of legislation. Where are the facts?

]]> By: Glenn http://paydaypundit.org/2008/12/02/comment-of-the-day-41/comment-page-1/#comment-2575 Glenn Wed, 03 Dec 2008 00:03:07 +0000 http://paydaypundit.org/2008/12/02/comment-of-the-day-41/#comment-2575 Payday loan critics can't seem to look past the APR. On a short term, non-compounding loan it's nonsense, and credit unions can charge fees but not include them in the APR while payday lenders cannot. But the truth doesn't make interesting headlines... the high APR does. Until the APR's are reported on all financial fees such as ATM fees, late charges, etc. the criticism will continue. Or - a miracle may occur and reporters will actually research what they are printing. Nah. Payday loan critics can’t seem to look past the APR. On a short term, non-compounding loan it’s nonsense, and credit unions can charge fees but not include them in the APR while payday lenders cannot. But the truth doesn’t make interesting headlines… the high APR does.

Until the APR’s are reported on all financial fees such as ATM fees, late charges, etc. the criticism will continue.

Or – a miracle may occur and reporters will actually research what they are printing. Nah.

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