WP: As Payday Loans Fade, A Different Menace: Advance-Fee Lending
August 25, 2008 | Washington Post, alternatives | Comments (0)As this Washington Post story shows, if you eliminate a service, you do nothing to address the need. And as the Payday Pundit has said once before, if not 100 times, taking away credit options forces people into less desireable options.
Sacramento Bee doesn’t do its homework
August 4, 2008 | Sacramento Bee, media coverage | Comments (1)
Today’s Sacramento Bee article by Claudia Buck blames payday lenders for the financial troubles many members of the military have found themselves in. The article failes to mention that, as of October 1, 2007, payday lenders do not lend to military personnel due to the restrictive rate caps that would cause lenders to lose money on each loan. Geesh…if you are going to blame payday lenders, at least get the facts right.
Military personnel now rely on charity
March 26, 2008 | Army News Service, alternatives, industry, media coverage, regulation | Comments (0)The Pundit has mentioned this before, but here’s another story about how, in the absence of payday loans, milititary personnel now rely on charity. We have no objection to service people getting free loans or whatever other benefits they need, but during the debate, payday loan critics said that other services–credit unions and banks–would fill the need when payday lenders were forced to stop making loans to the military. What? The critics were wrong? We’re shocked.
