Payday Pundit

Here’s a story from Mississippi about a new payday lending alternative.  The Payday Pundit thinks this is great.  The more choices consumers have when it comes to short-term financial products, the better!  However, because you’ve come up with an alternative doesn’t mean you should replace existing products.  Let the market work and let consumers choose […]

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I was at the grocery store last night and took a spin down the bottled water aisle.  I counted over ten different brands of water. TEN! That was just for still water, not fizzy fancy mineral water or ultra pure distilled or raspberry flavored “performance” water…just plain old water that you can get for pennies out […]

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CNN Money lists the Best (and worst) ways to raise fast cash.  Of course, they list payday lending as the last option…even below liquidating your 401K and taking a cash advance on a credit card.  With a bit of education, the folks at CNN Money would recognize that paying a flat fee of $15-$17 per […]

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An Ohio State University professor details what employees can do to be considered “most valued employees” by their boss. Listed in what not to do:

Do not ask your employer for loans and pay advances. Your employer is not a banker. Asking for loans and pay advances suggests that you cannot manage your finances. Such a […]

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Ohio’s Coalition for Responsible Lending (”OCRL”) has issued a press release filled with deceptive information and fabrications. They should be held accountable and asked to back up their irresponsible claims with facts. It is important that people see through the hype surrounding the issue and consider the facts.
CRL Claims: A “compromise” is threatening the payday lending legislation […]

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First of all, only 30 banks, generally small local ones at that, have signed up for the program.  Second, when customers find out all the strings attached to getting a short-term loan from one of these banks–application fees, minimum balances in a savings accounts, complicated fee structures–they will decide that a payday loan is a better […]

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The Bloggers Network conducted this online interview with the head of the Ohio Association of Financial Service Centers, Jamie Frauenberg.  Jamie, who is also a Sr. VP at CheckSmart, has been on the front lines these past weeks in the “battle of Ohio.”   From the interview:
If the Payday Loan industry disappears, where will people with no […]

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Tommy Moore, the Executive Vice President of the Community Financial Services Association of America, has a letter in today’s Christian Science Monitor echoing the favorable comments in this terrific guest column by Tim Miller of the Center for Consumer Freedom from a few days ago:
In response to Tim Miller’s recent Opinion piece on banning payday loans: […]

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According to this news release, the Family First Credit Union in Urem, Utah has an “alternative” to payday lending.  As we’ve said before, it’s hard to do an “apples-to-apples” comparison to payday loans because the terms of these so-called “alternatives” are so different.   Here are the terms for this product:

30-day repayment term
Flexible payment plans
$10 participation […]

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This Cincinnati Enquirer editorial demonstrates the shallowness and bias of some media.   The editoral writers just take their talking points from advocacy groups.   The Payday Pundit takes them to task:
The Enquirer:  The Senate should pass a strong reform, but it should also make sure the market can offer options for well-regulated, low-cost, short-term loans.
The Payday Pundit:  “The […]

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