Comments on: More pickup of Banks/PDL story http://paydaypundit.org/2010/02/26/more-pickup-of-bankspdl-story/ News and Information About The Payday Lending Industry Tue, 21 Dec 2010 17:59:56 -0800 hourly 1 http://wordpress.org/?v=3.0.1 By: Gabriel Rodriguez http://paydaypundit.org/2010/02/26/more-pickup-of-bankspdl-story/comment-page-1/#comment-9787 Gabriel Rodriguez Fri, 26 Feb 2010 18:07:53 +0000 http://paydaypundit.org/?p=7564#comment-9787 I've seen this same story just about everywhere yesterday, and I can't wait for some follow-up info/more extensive reports. Mainly, I notice that they mention these loans are "comparable" to payday loans, but they don't mention the fact that the banks don't seem to have to follow the same legislation.... I saw a comment yesterday on a board (I'll post if I run back into it!) from a Payday Loan Store operator in Ohio who says that 5/3rd (I believe) bank has been doing Payday Loans (under a different name of course) for years in Ohio as one of his major competitors, EXCEPT the fact that they seem to be above payday legislation and can offer the same product with higher interest. One of many problems when big business controls politics. Gabe Rodriguez <a href="http://synapticdatabase.com/" rel="nofollow">Synaptic Payday Loan Solutions</a> I’ve seen this same story just about everywhere yesterday, and I can’t wait for some follow-up info/more extensive reports.

Mainly, I notice that they mention these loans are “comparable” to payday loans, but they don’t mention the fact that the banks don’t seem to have to follow the same legislation….

I saw a comment yesterday on a board (I’ll post if I run back into it!) from a Payday Loan Store operator in Ohio who says that 5/3rd (I believe) bank has been doing Payday Loans (under a different name of course) for years in Ohio as one of his major competitors, EXCEPT the fact that they seem to be above payday legislation and can offer the same product with higher interest. One of many problems when big business controls politics.

Gabe Rodriguez
Synaptic Payday Loan Solutions

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