What about the millions helped?
March 1, 2010 | California, customers, industry | Comments (0)The Los Angeles Times has a big story today about some payday lending companies loaning money to the unemployed and, of course, focuses on a couple of instances where the loans were a bad choice. It was good of them them to included this, though:
An unemployed borrower who gave his name only as Oscar exited Ace Cash Express in Van Nuys on a recent afternoon. He said he lost his job at a garden sprinkler installation company a year ago and has been depending on unemployment insurance ever since. He said he borrows against his benefit checks at payday loan stores to make ends meet.
“It helps me pay for food, for my apartment, other expenses,” he said in Spanish, tucking an envelope of cash into his wornjeans.
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And CFSA spokesperson Steven Schlein, had this to say in response to critics of the industry:
“Who are they to decide?” Schlein said. “We issue billions of dollars of credit. They issue platitudes and pats on the back.
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