Payday Pundit

Consumer Federation of America, Consumers Union and the National Consumer Law Center have given two more states failing grades for offering choices to consumers.  Illinois and Missouri received straight F’s for having a multitude of short term credit options available to consumers.

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Ryan Cooper, a freelance writer, is convinced more than ever that the free market offers consumers the most choices: 
The decision haunted me as I read the online bank statement. A combination of holiday spending, personal property taxes and a recent job loss caused me to overdraw my checking account.
If I didn’t come up with $200 […]

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Tom Linafelt of QC Holdings, a leading payday lender out of Missouri, takes on a local newspaper columnist.   From Tom’s rebuttal piece in the Springfield News-Leader.
Missouri payday lending laws already include some of the strongest consumer protections in the country. By including limits on loans, loan renewals and associated fees, those laws protect consumers from […]

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The Center for Consumer Freedom had this to say in response to an anti-payday lending editorial in a Missouris newspaper:
Borrowers are best served when they have more choices to pick from, not when politicians eliminate what is for many their only option.
The full letter is here. 

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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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Justin Hauke of the Show-Me Institute provided some interesting numbers yesterday on payday loans in Missouri. Hauke’s numbers highlight that despite triple-digit annual interest rates which people commonly cite, customers only pay a fraction of that in fees. What’s more:
Before readers are outraged at the interest rates being charged on such loans, it’s worth considering […]

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Rep. John Patrick Burnett a Democrat representing a district in Kansas City, MO calls the Payday Pundit a “phony blog.”  Representative Burnett, just because you don’t agree with something doesn’t make it phony.
There is nothing phony about the hundreds of people employed by payday lenders in Missouri.  Or the tens of thousands of hard-working Missourians who appreciate access to cash between […]

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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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