Comments on: Understanding the terms http://paydaypundit.org/2009/07/22/understanding-the-terms/ News and Information About The Payday Lending Industry Fri, 18 Jun 2010 21:33:31 -0700 http://wordpress.org/?v=2.9 hourly 1 By: Chris F http://paydaypundit.org/2009/07/22/understanding-the-terms/comment-page-1/#comment-7011 Chris F Wed, 22 Jul 2009 20:44:34 +0000 http://paydaypundit.org/?p=4344#comment-7011 How can you be any clearer? This is how much you are borrowing, this is the fee and this is the amount that you payback. Clear? How can you be any clearer? This is how much you are borrowing, this is the fee and this is the amount that you payback. Clear?

]]> By: PDL Industry http://paydaypundit.org/2009/07/22/understanding-the-terms/comment-page-1/#comment-7010 PDL Industry Wed, 22 Jul 2009 20:11:41 +0000 http://paydaypundit.org/?p=4344#comment-7010 We need choice and free will. I would support more disclosures, if it meant less legislation. The lenders that are in it for the long haul, want their borrowers to eventually pay back a loan. For example, create a disclosure that lists the cost of the credit if a loan is rolled over 3 consecutive times, if only the finance charge is paid. Maybe this is more realistic for more borrowers. Unfortunately, this would just create more ammo for the consumer groups. We need choice and free will. I would support more disclosures, if it meant less legislation. The lenders that are in it for the long haul, want their borrowers to eventually pay back a loan.

For example, create a disclosure that lists the cost of the credit if a loan is rolled over 3 consecutive times, if only the finance charge is paid. Maybe this is more realistic for more borrowers.

Unfortunately, this would just create more ammo for the consumer groups.

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