Comments on: Today’s youth http://paydaypundit.org/2010/03/16/todays-youth/ 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/2010/03/16/todays-youth/comment-page-1/#comment-10072 Gabriel Rodriguez Tue, 16 Mar 2010 18:43:12 +0000 http://paydaypundit.org/?p=7852#comment-10072 "The loans are too risky for the normal banks, but payday lenders are willing to lend them money for a higher interest rate in order to make up for the risk." The answer really is that simple. This is business, and although some regulation may be viewed as necessary, we still need the ability to meet our bottom-line just as any business. Funny thing is, I remember a similar situation with video rental late fees. A class action suit was won against a large rental chain (I don't remember which) which set a new standard for late fees THAT WAS FAIR FOR EVERYONE!! Video stores could no longer charge MORE than the original charge for late fees. For example a 1 week rental at $2 used to charge maybe $1 per late day.... Now, it in effect "re-rents" the video to you for another week for the original $2 charge. I envision a day in which our industry can shed it's image as "predatory lenders" and due to fair and responsible regulation, we can exist to offer our services to those who choose to use it. paydayadvanceforum.com synapticdatabase.com “The loans are too risky for the normal banks, but payday lenders are willing to lend them money for a higher interest rate in order to make up for the risk.”

The answer really is that simple.

This is business, and although some regulation may be viewed as necessary, we still need the ability to meet our bottom-line just as any business.

Funny thing is, I remember a similar situation with video rental late fees. A class action suit was won against a large rental chain (I don’t remember which) which set a new standard for late fees THAT WAS FAIR FOR EVERYONE!! Video stores could no longer charge MORE than the original charge for late fees. For example a 1 week rental at $2 used to charge maybe $1 per late day…. Now, it in effect “re-rents” the video to you for another week for the original $2 charge.

I envision a day in which our industry can shed it’s image as “predatory lenders” and due to fair and responsible regulation, we can exist to offer our services to those who choose to use it.

paydayadvanceforum.com
synapticdatabase.com

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