Payday Pundit

Western Michigan University is hosting an “ethics bowl.”   Here’s one of the agenda items:
• What would be the most effective and morally justifiable strategy for church and community groups to pursue to reduce the harms brought by payday-loan businesses?
How about letting citizens make their own financial choices?

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I don’t think we’re talking about two states here.  There’s a town in Michigan called Wyoming that feels it has too many payday lenders.  They want to spread them out according to this story: 
Wyoming has so many roadside signs and shops advertising it that the city’s Downtown Development Authority is exploring regulations to limit the so-called “payday” […]

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Goes to Susan Tompor at the Detroit Free Press.   Below are some statements she makes in her piece with the Payday Pundit’s comments in bold:
Debt traps — including high-cost advances on a paycheck — are crushing many Michigan consumers.
PP:   She provides absolutely NO evidence of this, not even the usual anecdotal nonsense we’ve come to expect.
As […]

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This fair-minded and articulate news article on WLUC in Upper Michigan makes a great point:
Payday loan institutions can also mean good news for those with damaged credit. Not only is it easier to get approved for a smaller loan, but most cash advance agencies can actually help you re-establish credit. Many locations offer rechargable credit […]

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It’s really amazing to see what payday loan critics are coming up with as alternatives to the dependable, transparent, regulated industry they malign.  The latest in brainstorming surfaces in Natalie Zimmermann’s single-sourced story on WLUC 6’s website (serving Upper Michigan).  Zimmermann’s reporting relies entirely on Mr. Stuart Baker, a “financial consultant.”
Though not the most advisable […]

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This story out of Michigan contradicts others that say payday lenders benefit from an economic downturn:
The cash advance industry over the past year is on the decline, said Steve Leach, the chief executive officer of Grand Rapids-based Instant Cash Advance Corp. Instant Cash Advance has a Saginaw Township location at 3037 Bay Plaza.
“We suspect the […]

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An entertaining column in the Monroe News from Charles Slat shows that some writers do understand the payday lending service.  Mr. Slat - we applaud you.
Let’s face it, there are a lot of people… who don’t have… a friend or a supportive family member close by. They also usually can’t go to a bank and get a small […]

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Nitzkin & Associates’ debt collection blawg often contains interesting pieces regarding debt collection regulations and the lending industry in general. Today’s post is no exception and contains some food for thought comparing the difference in Michigan debt collection laws regarding bad checks written to most businesses versus bad checks to payday loan companies.
Essentially, the blog […]

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