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 creating a “cycle of debt” and from experiencing the kinds of annualized percentage rates referenced by industry critics.

These are the kinds of strong consumer protections the payday lending industry consistently supports.

Let’s give reasonable, hard-working Springfield-area consumers access to a variety of regulated credit options and trust them to make financial decisions based on what’s best for them and their families.

Tom Linafelt of QC Holdings was obviously annoyed with an uninformed editorial in the Kansan newspaper.   Here’s his letter to the editor, which goes on to make the key points that:

• The vast majority of Kansan use payday loans responsibly, and;
• Banning payday loans will force customers into more costly options.