Payday Pundit

Here’s a line from a roundup column in the Wichita Eagle: 
Would you really be surprised if the city tore down the Wichita Boathouse and replaced it with a payday loan store?
The Payday Pundit is fairly hard to rattle so NO, we would not be surprised.   Frankly, we didn’t even know Wichita was near water. 

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From the story:
Payday loan shops have long offered local residents an option to pay their bills during tight financial times.
But the prevalence of the shops – there are 26 such stores in Kansas City, Kan. – and their often-aggressive financing terms have drawn the ire of the Unified Government.
During a Public Works and Safety Standing […]

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From today’s Hutchinson (Kansas) News:
Hutchinson alone houses 14 national and local cash-advance loan companies, according to the Office of the State Bank Commissioner. That number has grown by two since August 2007.
“If it isn’t a service, why are so many people seeking our help,” Strong said. “And we are not talking about just the poor. […]

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Buried at the end of a Kansas City Star article examining the potential new Burlington Corridor outside Kansas City is this gem:
The North Kansas City Council recently approved interim restrictions on what kind of businesses can open along Burlington. They include payday loan shops and auto lots, and will be in place until the corridor […]

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Two proposals to further regulate payday lending in Kansas didn’t make it to committee voting.  Kansas already has some of the best consumer protections in the country.  But Rep. Melody McCray-Miller vows to continue pushing for more regulation.  Her colleagues and others close to the Kansas legislature doubt her legislation will be considered in the […]

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From Tom Linafelt of QC Holdings in the Wichita Eagle:
Payday loans are a necessary product, delivered responsibly, to reasonable customers, many of whom are facing more expensive fees such as those associated with bounced checks, late bill payments and utility disconnections. For those and others, payday loans make perfect sense.
Payday loan fees, and profits, are […]

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Tom Linafelt of QC Holdings was obviously annoyed with an uninformed editorial in the Kansan newspaper.   Here’s his letter to the editor, which goes on to make the key points that:

The vast majority of Kansan use payday loans responsibly, and;
Banning payday loans will force customers into more costly options. 

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The Center for Consumer Freedom responds to a recent editorial in Kansas’ Witchita Eagle.
“…The Eagle editorial ignored these critical facts while narrowly focusing an ad hominem critique on the payday industry alone. These lenders earn a mere fraction of what traditional banks make on service fees. In 2003, bounced-check and insufficient-fund fees generated $22 billion in […]

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A payday lender from El Dorado, KS, Mike Strong, engaged is some fairly vigorous debate with anti-payday loan activists.  Mike deserves lots of kudos for walking into the lion’s den and putting up a fight.  There are a lot of Mike Strongs in the industry, but we can always use more.  

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