Comments on: ACORN probed by feds http://paydaypundit.org/2009/12/17/acorn-probed-by-feds/ News and Information About The Payday Lending Industry Fri, 11 Jun 2010 22:59:45 -0700 http://wordpress.org/?v=2.9 hourly 1 By: arnold1888@gmail.com http://paydaypundit.org/2009/12/17/acorn-probed-by-feds/comment-page-1/#comment-8795 arnold1888@gmail.com Wed, 30 Dec 2009 01:16:05 +0000 http://paydaypundit.org/?p=6518#comment-8795 I'll take that as a "no," the industry cannot make money without the cycle. These customers, who, as I said, "feel and act as if they are trapped," are prima facie not satisfied with the services provided. I worked for a payday lender for eight months, and honest to God, a full 80-85% of our customers were repeat. Dueling anecdotes, though, aren't helpful. Are there numbers backing up your assertion? I’ll take that as a “no,” the industry cannot make money without the cycle. These customers, who, as I said, “feel and act as if they are trapped,” are prima facie not satisfied with the services provided.

I worked for a payday lender for eight months, and honest to God, a full 80-85% of our customers were repeat. Dueling anecdotes, though, aren’t helpful. Are there numbers backing up your assertion?

]]> By: Glenn Burton http://paydaypundit.org/2009/12/17/acorn-probed-by-feds/comment-page-1/#comment-8754 Glenn Burton Fri, 18 Dec 2009 21:18:54 +0000 http://paydaypundit.org/?p=6518#comment-8754 I've analyzed the customers in my store and the most common number of loans a customer takes out is ONE - ever. One is followed by two, three, etc. So perception is not reality. Secondly, can you name any business that can survive without satisfied repeat customers? Even funeral homes have repeat customers in the form of families who repeatedly use the same funeral home when a family member dies. Are they trapped in a "cycle of death"? Isn't "cyclical" just a negative sounding word for "satisfied"? Do we serve repeat customers? I hope so - it means we are doing something right. I’ve analyzed the customers in my store and the most common number of loans a customer takes out is ONE – ever. One is followed by two, three, etc. So perception is not reality.

Secondly, can you name any business that can survive without satisfied repeat customers? Even funeral homes have repeat customers in the form of families who repeatedly use the same funeral home when a family member dies. Are they trapped in a “cycle of death”?

Isn’t “cyclical” just a negative sounding word for “satisfied”? Do we serve repeat customers? I hope so – it means we are doing something right.

]]> By: arnold1888@gmail.com http://paydaypundit.org/2009/12/17/acorn-probed-by-feds/comment-page-1/#comment-8750 arnold1888@gmail.com Fri, 18 Dec 2009 04:52:25 +0000 http://paydaypundit.org/?p=6518#comment-8750 Here is the absolute final question on payday loans. There really is no way around this one. Most payday loan customers, whether they are correct or not, feel and act as if they are trapped in a cycle. Without these cyclical customers, can the payday lending industry make money? Here is the absolute final question on payday loans. There really is no way around this one.

Most payday loan customers, whether they are correct or not, feel and act as if they are trapped in a cycle. Without these cyclical customers, can the payday lending industry make money?

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