Diversify or…
August 6, 2010 | Arizona, federal legislation, regulation | Comments (1)Latest from Arizona:
Recent changes in the law regarding payday lenders have led many Phoenix businesses that offer the service to diversify their products. But those that decided not to offer additional services are closing, leaving vacant storefronts in dozens of strip centers.——————————————–Many payday lenders in northeast Phoenix offer auto-title loans, check cashing and other services, but Check ‘N Go would rather close than diversify, Rabenold said.“We’re just not title lenders. We’re not good at that. We don’t know that whole industry and that customer base,” he said. “And there’s not enough business, it’s not sustainable, and there’s going to be less business in the future. It just wasn’t going to work out for us.”
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” ‘There are a number of credible businesses that offer a fair price, products and services,’ said Charlene Crowell, communications manager for state policy and outreach for the Center for Responsible Lending in Durham.”
I simply CANNOT BELIEVE that anyone still looks to the CRL for opinions or statistics anymore. And notice that they don’t mention a single one of these many options referenced. They might as well say, “And here’s another lie from the CRL against an industry that stands to hurt the CRL’s profits.”
Sickening. It’s like quoting Osama Bin Laden in an article about freedom of religion.