Called out
June 24, 2009 | Iowa, customers, employees, industry | Comments (2)A reader wants to know why the Payday Pundit didn’t post about this letter to the editor a Dubuque, Iowa paper. Because I missed it! Anyway, it’s a great letter from a local lender:
Our products help people in money emergencies avoid high, excessive bank overdraft fees, daily negative balance charges and utility reconnection/late fees. Those fees can have annual percentage rates often three times higher than a payday loan and cost much more.
Our fees are posted prominently in our stores and customers know the charges, nothing is hidden. Ninety-seven percent of our customers pay on time, are happy with our service and glad it exists. When a customer has difficulty paying us back, we work with them to establish a flexible payment plan. Why would we loan to someone who cannot pay the loan back? That would be very unprofitable.
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Woohooo Thank you!
There was also an Op Ed piece in the Cedar Rapids Gazette on 7/24.