Payday Pundit

The city of Parma, Ohio has moved to restrict the opening of new payday lending stores according to this article.    Here’s the meat of the piece:
       The law allows one store for each 10,000 residents. There are seven stores now in the city. With an 80,000-plus population, one more lender could open.
It’s astonishing to […]

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Funny blurb from the local Alexandria, Virginia newspaper:
When You Care Enough

The threat of a lawsuit is a time-honored motivational tool, and one that is a familiar weapon at City Hall. Since Councilman Justin Wilson announced a proposal to raise taxes on payday lenders and car-title lenders two payday-lending companies have sent lawyers to publicly threaten […]

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They put restrictions on check cashing and payday loan stores.  Here’s the update in the Dayton Daily News. 

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Another city council in Ohio is considering a “moratorium” on payday lending.  According to this article, the city of Xenia would halt licenses for check cashers and payday lending stories for a year.   Darryl Dever, a lobbyist for the state association, defends the industry:
    “They are reacting to the emotional side of sensational claims people throw […]

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The Parma city council put restrictions on the number of “check cashing” stores in the city.   Currently, there are seven check cashing and payday lending stores in Parma.  The limit now is nine.
The Payday Pundit has a simple point to make:  It’s a $300 loan!
That’s right, the average payday loan is $300.   To paraphrase Churchill, never […]

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The Alexandria, VA city council wants to impose a steep new tax on payday lenders according to this Washington Post article.   Advance America, the nation’s largest payday lending company is threatening to sue the city if it takes this step.  From the article:
Under the Alexandria proposal, payday and car-title lenders would face a business license […]

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Show-Me Daily offers their take on Tuesday’s disappointing vote in Kansas City.  Unfortunately, when legislation like this is passed, it’s not just businesses that suffer.  Consumers end up feeling the squeeze. 

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Last fall the Kansas City City Council passed new zoning regulations and additional restrictions on payday lenders, but the Council does not have the staff to oversee the new regulations, so they are now asking voters to approve a $1,000 annual fee per payday lending business in order to pay for 2-3 staff to oversee the new regulations. 
 
So, under the guise of […]

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A payday lender from El Dorado, KS, Mike Strong, engaged is some fairly vigorous debate with anti-payday loan activists.  Mike deserves lots of kudos for walking into the lion’s den and putting up a fight.  There are a lot of Mike Strongs in the industry, but we can always use more.  

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