Comment of the Day III
May 13, 2010 | Uncategorized | Comments (1)Payday Pundit, you are too focused on Payday. Now if I am Bank of America, that means that that I have 50 different types of loans for 50 different states. I don’t know about you but as as bank I can’t operate effectively this way and will result in higher costs to borrowers due to increased compliance costs for banks. In addition, speaking of Ohio, since there is already a cap of 8% in Ohio, when inflation happens the people of Ohio are going to be really screwed as no bank will be willing to lend to anyone if prime rates hit 7%+ (which thanks to the EU this will definitely happen within the next 15-18 months)
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Hey there PUNDIT!! Sorry, but I don’t have a way to reach you via email to submit anything, but I think you would enjoy this one…
http://www.aboutpaydayloan.com/2010/05/14/are-payday-loan-aprs-too-high/
After reading and participating in the comments of your post “wrestling with pigs” I just had to do it.
Anyway, I hope you enjoy! We’re trying very hard to promote responsible lending practices, and I would love to get an email address for the pundit if there is one currently being used. Thanks!