Payday Pundit

Payday loans starting to make news in Wisconsin.

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The GoodWill Industries/Prospera Bank payday lending alternative is expanding to a credit union in Superior, Wisconsin.   From the story: 
Good Money loans are a good deal. While most payday loans charge $20 to $30 per $100 borrowed every two weeks, SCCU will charge less than $10. After a month, the Good Money borrower would owe $120, […]

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What if you don’t have either until payday?  This is where a payday loan would come in handy, but the Fond du Lac Reporter doesn’t even see it as an option.
If your credit is poor and you can’t get a credit card and you rely on debit you can quickly get into trouble
Today, most banks […]

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This article looks back on the career of Wisconsin Assemblyman Frank Boyle, a nanny-state type of guy.  This caught the Payday Pundit’s eye:
As Boyle leaves office, having no statewide smoking ban is one of his regrets…as is not having banned offensive American Indian school nicknames and controlling payday lending.
Ban this, control that.  Before you know it, […]

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We don’t know enough about the case to comment, but we thought this story about two law students leading a class action against an Internet lender was interesting: 
Aspiring attorneys Nicholas Watt and Meredith Gray spent a good portion of their summer literally dotting i’s and crossing t’s.
As enrollees in the current session of the University […]

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Dave Zweifel and the Capital Times (Wisconsin)  for this column.     We informed Mr. Zweifel months ago that his notion that payday lenders target the elderly was based on an erronous Wall Street Journal story which we dubunked in this post.   Essentially, the WSJ confused installment and catalog lenders with payday lenders.  In fact, a congressional […]

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Good thoughts on payday lending from a reader in Wisconsin:
I believe your poll question this week (payday stores) deserves a better response than a yes or no.
When was the last time your car broke down, you needed a plumber or electrician, etc., with payment due now?
It used to be you could go to your local […]

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In the interesting article in the Milwaukee Sentinel, Eric Richard of the Credit Union National Association, argues against regulating credit unions like banks.  One of the reasons?
Richard said credit unions sometimes will provide services to members even if they know they won’t necessarily make money. Fast-cash loans as an alternative to payday lenders is one […]

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Tim Miller of the Center for Consumer Freedom has a great response in the today’s Capital Times to a “one-man smear campaign on the payday loan industry” by a reporter at the paper:

Dear Editor: Dave Zweifel’s one-man smear campaign on the payday loan industry is as misguided as it is ill-informed. Zweifel has spent his recent columns assaulting […]

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An article pennded by Dave Zweifel, appearing in today’s Capital Times – out of Madison, WI — says that state legislators need to “place some protection for the folks who all too often get suckered into small loans that wind up with triple-digit interest rates.”
This accusation might make for good copy, but is far from the […]

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