“Here, I feel respected”
December 23, 2010 | positive media coverage | Comments (1)Payday loan customer quoted to a Wall Street Journal Reporter. From the story:
About two weeks before Christmas, Greg Dueno sipped free coffee and absentmindedly played with a fake poinsettia plant while his application for a $500 loan was being processed. The 53-year-old helicopter painter told a branch manager that he wanted the loan for Christmas presents, including a purse to surprise his wife.
Mr. Dueno wasn’t at the J.P. Morgan Chase & Co. branch where he keeps a checking account. The loan came from payday lender Advance America, Cash Advance Centers Inc., which last month opened its fourth office in West Palm Beach and wants to expand even more across the U.S.
“Here, I feel respected,” Mr. Dueno said in the airy lobby scattered with overstuffed leather chairs. He promised to repay the loan, charging an annual interest rate of 287%, within two weeks. At J.P. Morgan, “when I walk in, I feel very small, and not particularly important.” He walked out the door with the money 10 minutes later.
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