Payday Pundit

More than 400,000 turned in.   Read about it here.
Update:  This story has more detail, including quotes from Sandy Theis, the anti-payday lending spokeswoman who used to be a flack for the strip club industry. 

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This story explains what’s at stake. 

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The AP reports :
Consumer prices shot up in July at twice the expected rate, pushed higher by surging energy and food costs. The latest surge left inflation running at the fastest pace in 17 years.
Now isn’t the time to be taking away consumers’ short-term credit options.

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From the AP:
COLUMBUS, Ohio (AP) — Democratic Gov. Ted Strickland and Republican legislative leaders will fight an effort by payday lenders to repeal restrictive caps on the short-term loans they offer.
Strickland, Senate President Bill Harris and Speaker Jon Husted (HYOO’-stehd) will serve as honorary co-chairs of a campaign fighting the repeal of Ohio’s new payday […]

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The Associated Press is reporting that Arkansas Attorney General Dustin McDaniel has filed four lawsuits against payday lenders that he says are violating the state’s constitution by charging high-interest loans.

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Just a few comments on this Associated Press story about a new “payday loan alternative” in New Hampshire.
The article fails to mention a few key points:
1- St. Mary’s Bank is  a credit union, not a bank
2- The MyPay product is offered in two loan amounts: $250 and $500.  There is an 18% APR, along with […]

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The Arkansas Business Journal picks up on an Associated Press story that analyzes how we got to this point in Arkansas.  This paragraph gets to the heart of the matter:
“The 1999 law {the Check Cashers Act} declared that income earned by payday lenders was a fee and not interest, avoiding the 17 percent limit on […]

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This Associated Press story getting huge pickup describes CRL’s new attack on title lenders.   This group simply hates the idea that consumers should have a choice.  
Money quote:  “Once the payday lenders are in check, they vow to go after car title lenders.”  
That sentiment reflects perfectly the nature of these movements.  The movement must always attack, always find new […]

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