Fresh signs surfaced today of the influential payday loan industry’s muscle in Washington, where lenders’ attempts to stay out of the reach of federal regulators may be bearing fruit in the U.S. Senate.    Read more »…

We in the Payday Loan industry have 2 options….
1. Listen to the critics, and wait patiently for legislation to close our doors.

2. Realize that we offer a viable product to our customers, who are well informed to make the best decision regarding their budget, and that we are not going anywhere anytime soon!!

True, big banks and members of our government are trying to UNFAIRLY shut us down, which is why we should rejoice!! Why you ask?? Because if they had a true reason to shut us down, it would have been done already. Instead, the opposition to the PDL industry has barely a viable argument against our industry and instead must rely on mis-truths, confusing and un-related statistics, and media slander!! I for one could not feel more CONFIDENT in not only the product we offer, but our future as a whole. After all, aren’t these the fleeting, mis-guided, last-ditch efforts of a banking industry who faces losing over $15 billion in overdrafts (rightfully so!) next year to strip away the average American’s right to choose what credit option is best for their own needs? I believe freedom (and our lobbyists) will prevail!

-Gabriel Rodriguez
http://www.synapticdatabase.com
http://www.paydayadvanceforum.com
gabe.rodriguez@synapticdatabase.com

The CFSA Conference is a worthwhile investment. Anyone interested in providing consumers with multiple financial choices to meet their particular needs must attend and support these types of conferences and support our industry by being a member.

This year’s event is “not my first race.” And I remember listening to a presentation by MS. Callaway at least 10 years ago. The interesting thing to me is that today’s presentation at CFSA could have been an exact duplicate of the one she gave back then. (Except for a few specific states. And the “Bank Model” did take up a significant portion of her talk years ago.)

Many in our industry get overly negative about our future. They dwell on potential negative legislation, competition from banks and credit unions, etc. JUST LIKE THEY DID AT MS. CALLAWAY’S first presentation.

One thing I’m certain of. Our industry is composed of some very intelligent, creative minds. And, consumer demand for small, non-collateralized loans is unquenchable! All one needs to do to achieve success here is to remain flexible, stay informed, educate yourself by attending industry conferences, and work hard.

No magic!

Jer

I frequently find myself asking the following “un-answerable” question…

“How much of the regulation against our industry is due to utter ‘ignorance’ and mis-representation of facts regarding APR calculations etc… and how much is due to big bank lobbyists ‘buying’ votes to shut us down (disguised as ‘regulation’, i.e. 36% APR)? Are those in power to make governing decisions that affect the lives of millions REALLY that blind to think that a 36% APR cap is a fair cap and that you could actually operate a short-term lending business based on those numbers? OR, are they just hiding behind the theme of ‘regulation’ (which is easy to sell to those who actually NEED these loans, unfortunately. They’re too busy living their lives to learn to calculate an APR, which is why OUR ELECTED OFFICIAL SHOULD BE DOING THEIR HOMEWORK!! To provide these people, and those working in the industry with fair, educated and honest votes!) while selling their vote to the highest bidder, in our case usually bib bank lobbyists?”

paydayadvanceforum.com
synapticdatabase.com
gabe.rodriguez@synapticdatabase.com