Responsible customers
March 2, 2010 | Missouri, industry, positive media coverage | Comments (0)QC Holding’s Tom Linafelt hits back at the St. Joe’s (MO) News:
For those who have difficulty meeting their loan obligations, payday lenders offer extended payment plans that provide an additional two months to pay off what was originally a two-week loan, without additional fees.
Proposed Missouri legislation that includes a 36 percent APR cap would eliminate the industry and an estimated 10,000 jobs, $379 million in annual wages, $147 million in tax revenue and more than $20 million in commercial real estate lease payments.
Now is not the time to deny an important credit option for those who need it most, nor is it time to eliminate Missouri jobs.
Obviously
March 1, 2010 | Missouri, customers, industry | Comments (1)St. Joenews.com says this in an editorial today:
Defenders of the payday loan business in Missouri are partly right: There is a market demand for quick access to small loans that can be obtained with minimal hassle.
The editors are partly right, we’re 100% right.
This letter is so boring…
February 27, 2010 | Missouri, industry | Comments (0)I won’t even comment on it. Same old, same old in a letter to the St. Louis Post Dispatch.
Diatribe disguised as argument
February 24, 2010 | Missouri, industry, regulation | Comments (0)In yesterday’s STLToday site:
Over the years, Missouri lawmakers have allowed payday lenders to run amok among some of the state’s most desperate and vulnerable citizens.
It’s newspaper editorial writers that run amok. With no business experience, practical wisdom or common sense, they spew bile and and anti-business invective to make themselves feel better.
Report from Missouri hearing
February 19, 2010 | Missouri, industry | Comments (0)Payday lending employees “filled the room.” From the story:
Payday loan companies say it isn’t fair to look at their fees on an APR basis. Their customers aren’t comparing payday loans with the kinds of loans measured in APR, but with the costs of a bounced check, or the penalty for paying a utility bill late, or the price of overdraft protection.
“All of those things are significantly more expensive than payday loans, and not only that, but they affect your credit,” said Doug Nickerson, chief financial officer for QC Holdings.
His comments found a receptive audience among the 100 or so people at the St. Louis Library’s Carpenter Branch. Most were employees of his company or other payday loan outfits.
“We filled the room tonight because we’re concerned about our jobs,” Tom Linafelt, a QC Holdings spokesman, said later.
Copy editor needed
February 19, 2010 | Missouri, industry | Comments (0)This headline from Missouri cracked me up: Lawmakers purpose restrictions on payday loans. (my italics)
Do we have a fight in Missouri?
February 19, 2010 | Missouri, industry, regulation | Comments (0)From the story:
Payday loans may help some consumers through a short term cash crunch, but the industry is under fire. Missouri lawmakers want to tighten lending restrictions, but the industry says it could put them out of business and eliminate thousands of jobs.
The CFSA is taking this seriously and has resources in the state to fight for our consumers and employees.
They obviously don’t get it
February 8, 2010 | Missouri, industry | Comments (1)This Missouri editorial touting recently introduced legislation is silly. It advocates a 36% rate cap and then goes into lauding a bunch of other details as if they matter. A 36% rate cap is a ban. Who cares about the other details?
What’s going on in Missouri?
February 1, 2010 | Missouri, industry | Comments (1)The Governor won’t stop talking about payday lending. From the article:
Gov. Jay Nixon wants changes to what he calls the “voracious” payday lending industry.
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Industry lobbyists say the changes could force payday shops to close and put people out of work.
