Great letter from Ryan Harris of Check into Cash in the Laurel (MS) Leader Call:

Forcing payday lenders to use the same annual rate calculation as other long-term financial products like home mortgages and automobile loans will make it impossible for short-term lenders to operate. This would result in the loss of jobs for hard-working Mississippians and will take away a source of credit for the state’s consumers.

The city based its action on a special report recently published by The Clarion-Ledger newspaper. That newspaper report included several mischaracterizations of the payday advance industry. It is certainly inaccurate to infer that short-term payday loans caused anyone to foreclose on their home.