Payday Pundit

Payday loans starting to make news in Wisconsin.

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A terrific guest opinion piece in the Alabama Advertiser today:
All that said, the short-term lending industry in Alabama recognizes that it is our responsibility not only to be business people of integrity, but also to work daily toward being a part of the solution.To that end, more than 300 stores in the state have joined […]

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From an AP story…Too bad policymakers in Ohio didn’t listen to the folks who use payday loans…
Michael Evans, 61, of Cincinnati, hopes the lenders won’t pack up and leave.
Evans, who voted against the rate cap, said payday loans have helped him through some tough times.
“These loans have let me keep some money in my pocket […]

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Bellefontaine Neighbors is a dateline for this story out of St. Louis.   Looks like they passed some payday lending restrictions which this article fails to detail.
 

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That’s what an Arizona industry spokesman told a reporter about looming payday loan job losses in Arizona.

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An in depth and balanced piece in Sunday’ New York Times Magazine.   It looks at the checking cashing/payday lending phenomenon through the eyes on one businessman, Tom Nix, of Southern California.  From the piece: 
Today’s financial crisis has many origins. But here’s one cause that is often overlooked: Traditional bankers badly misread the market for financial services in […]

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The Dayton Daily News is waking up to the fact that Ohioans don’t have great alternatives to payday loans. Here’s a quote from an Ohio Credit Union League official, Becky Hart: 
“Credit unions are not going to be the solution for everybody in Ohio,” Hart said. “We’re not trying to be payday lenders, but we do know […]

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Another story about payday lending customers in angst about the approval of Issue 5:
“I hate that I have to use payday loans but it helps me when I need a little extra,” he said.
The 45-year-old electrician said he’s used the loans about seven times this year because his schedule was cut down to about 45 […]

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That’s what a payday lending customer told a local Ohio television station regarding passage of Issue 5. 
Why don’t all you site pests who think passage of Issue 5 is great talk to payday lending customers instead of fellow crazies? 

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This story out of Arizona says the 5% of University of Arizona stories took out a payday loan last year.  Sounds like the classic effort to find a solution where there’s no problem.   

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