Payday Pundit » South Dakota

New Senate Banking Committee Chair

Payday Pundit — Mon, 22 Nov 2010 15:26:16 +0000

In light of Dodd’s impending resignation, the Argus Leader is reporting that Senate Majority Leader Harry Reid has promised the chairmanship of the Senate Banking, Housing and Urban Affairs Committee to South Dakota Democrat Tim Johnson.

Harsh

Payday Pundit — Thu, 18 Feb 2010 13:39:01 +0000

PDLindustrynews.com sticks it to a South Dakota state legislature.

Bill tabled in South Dakota

Payday Pundit — Wed, 17 Feb 2010 12:17:41 +0000

From the story:

A state Senate committee tabled a bill Tuesday that would curtail the amount of interest payday lending businesses in South Dakota could charge.

The bill, which caps title and payday lending at a 72 percent interest rate, came before the Senate Commerce Committee where it was introduced by Sen. Sandy Jerstad, D-Sioux Falls.

She said she suspected the legislation would not be popular in a state that had loosened its banking laws.

Online lending growing

Payday Pundit — Thu, 10 Dec 2009 12:13:44 +0000

Argus Leader (S.D.) covers the story.

Have to hand it to them

Payday Pundit — Thu, 21 May 2009 15:13:52 +0000

The writers at the State (S.C.) newspaper have no quit in ‘em.

Find congressional compromise

Payday Pundit — Mon, 20 Apr 2009 12:32:22 +0000

That’s the thrust of this Rapid City editorial

Payday loan operations fill a void. Until any person can walk into a traditional bank or credit union and borrow $100 until his or her next paycheck, payday loans will remain the only option for a lot of folks. We can support keeping the quick, short term cash option in place; but some protection against an exploding, long term debt problem should be part of the equation.

The industry, led by the Community Financial Services Association of America, has always compromised on real consumer protections. What it will not compromise on is its existence.

Rapid City Journal gets it right

Payday Pundit — Fri, 10 Apr 2009 15:22:26 +0000

Rapid City Journal ran a nice, balanced article today. Props to them for helping to educate consumers that payday loans should be considered for emergencies while acknowledging the service these loans provide and the extent payday loans companies go to to help consumers.

The real cost of debt

Payday Pundit — Mon, 19 Jan 2009 00:13:18 +0000

From the Times & Democrat out of South Carolina:

Late fees, over-the-limit fees, participation fees and annual fees can add to the cost of credit.

Another factor that adds to the cost of credit, even if you pay on time, is paying your bills by phone where the fee can cost anywhere from $3.95 to $15.95 per transaction. There is no standard charge found among the mass of credit card companies, and none of the above is tax deductible.

These type of calculations are made by payday loan customers everyday as they decide how best to make it until payday.

Just one second

Payday Pundit — Wed, 08 Oct 2008 11:23:12 +0000

This person is comparing payday lenders to banks. Now we’re insulted. From the story:

And you must promise never again to borrow anything – including trouble – from an institution that has “bank” or “payday loans” in the title.

We see a slander suit coming.

Will critics attack this payday loan alternative?

Payday Pundit — Mon, 21 Apr 2008 12:42:34 +0000

The Black Hills Credit Union is offering an “alternative” to payday loans. According to this article qualification for this ervice is ”not based on credit score, debt ratio or discretionary income.” Isn’t this a line of attack critics such as the Center for Responsible Lending level at payday lenders?