Beware the ire of the U.G.
September 17, 2008 | Kansas, industry, local issues, media coverage, states | Comments (0)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 Committee Meeting Monday night, UG legal officials outlined a proposed ordinance to further regulate payday shops that currently operate in KCK and impose regulations on future stores.
So KCK is governed by the UG. I never knew.
“{Payday loans are} sometimes the only choice.”
August 9, 2008 | Kansas, customers, employees, industry, regulation, states | Comments (0)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. I have had teachers, police officers, businessmen in here needing a loan. These short-term loans are a service consumers are happy to have. For some, it is their only choice.”
For Wingert, the self-employed house cleaner, on Tuesday, the $100 from Mike’s was his only option, in his opinion. While he hadn’t contacted any credit unions, he wasn’t interested in that process.
Mike Strong has been out in front before defending the payday lending industry. Keep it up, Mike.
Payday lenders too ugly for new “transportation corridor” in Kansas City
July 16, 2008 | Kansas | Comments (0)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 review is completed.
If this is going to be the swanky highway ‘o strip malls the city council hopes, why not just allow the market forces of property values and types of consumers dictate what businesses can or cannot operate?
Legislation watch: Kansas
July 16, 2008 | Kansas | Comments (0)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 near term. Hutchinson News Online has the story.
A necessary product
July 3, 2008 | Kansas, industry, positive media coverage | Comments (1)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 often dwarfed by those of banks, credit unions and other businesses.
“Responsible payday lenders have helped millions of Kansan familes”
April 15, 2008 | Kansas, The Kansan, industry, media coverage, positive media coverage, regulation, states | Comments (0)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.
Witchita Eagle gets it wrong
March 31, 2008 | Kansas, Wichita Eagle, media coverage, positive media coverage, states | Comments (0)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 bank revenues, which was equal to 18 percent of banks’ net operating income. The banking industry brought in an additional $57 billion in late fees.
“Vulnerable Kansans” are best served when they have the ability to bridge temporary stress in their budget. Instead of restricting payday lenders, government should focus on making sure consumers have the ability to choose the best borrowing option for their needs.
Mike Strong lives up to his name
March 18, 2008 | El Dorado Times, Kansas, employees, industry, local issues, media coverage, states | Comments (0)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.
