The other side of the story
December 29, 2010 | Mississippi, positive media coverage | Comments (0)The Hattiesburg (MS) American decides to tell it:
“We’re regulated just like a bank,” said Dan Robinson, spokesman for Borrow Smart Mississippi. “But naturally the banks don’t want us to be in businesses because we’re costing them a lot of business.”
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“That APR calculation is calculated as if a customer takes out a $100 payday loan every two weeks for the entire year,” said Jamie Fulmer, vice-president of public affairs for Advanced America. “That’s just not how a customer uses our product.”Fulmer says the average consumer will typically take out payday loans up to eight weeks within a year.
The industry is working hard to educate the media and legislators in Mississippi.
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