Payday Pundit

News and Information About The Payday Lending Industry

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Dunce cap award of the day award goes to…..

June 30th, 2008 · No Comments

The Progressive Index newspaper of Virginia.   Where do we begin? How about with:
A payday lender might also require you to pay an additional service or processing fee of as much as $25, making the cost of the $100 loan even higher.
We know of no payday lending that charges processing fees.  We don’t believe they are discussing […]

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Tags: Uncategorized

Update: Alexandria, VA

June 30th, 2008 · No Comments

The City Council struck a deal with payday lenders.  Lenders will fund a financial literacy program.  Here’s the story in the Alexandria Times. 

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Tags: media coverage

Virginia payday lending law takes effect on Tuesday

June 28th, 2008 · No Comments

Read all about it here.

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One city council backs down on payday lending restrictions

June 26th, 2008 · No Comments

From the Alexandria (Virginia) Times:
Predatory Shakedown
Councilman Justin Wilson has abandoned his bid to raise taxes on car-title lenders and payday lenders to the highest possible rate available under Virginia law. Instead he offered a “voluntary program” Tuesday night in which industry officials agreed to make ongoing commitments to fund financial literacy programs in Alexandria.
Wilson said […]

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“The media was clearly with us”

May 13th, 2008 · No Comments

…So said David Clarke of Virginians against Payday Loans today while speaking at the national conference on debt culture. Discussing the debate over payday lending in Virginia, Clarke stated, “The printed press- the earned media- they were clearly with us.” 
While the Payday Pundit recognizes this was, in fact, the case, she is speechless.

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Tags: VAs Against Payday Loans · Virginia · industry critics · states

Update: Alexandria, VA council delays payday lending action

May 7th, 2008 · No Comments

From the Alexandria Gazette:
THE NEW TAXES and fees created about $18 million in new revenue, and Hartmann’s cost-saving measures created about $2.3 million in spending reductions. Yet one potential new source of revenue was delayed Monday night. Councilman Justin Wilson’s proposal to raise taxes on payday lenders and car-title lenders, which he called “predatory lending […]

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Tags: Alexandria Gazette · Virginia · industry · local issues · media coverage · regulation · states

“..careless behavior or irresponsibility can’t be legislated.”

April 28th, 2008 · No Comments

So says a wise Virginian in this letter to the editor in the Daily Press.   Mr. Gerald Ross of Hampton says he’s never used a payday loan, but thinks the responsibility for personal financial decisions should be up to the individual, not the government.
The Payday Pundit agrees.  
 

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Tags: Daily Press · Virginia · industry · media coverage · positive media coverage · regulation · states

Send lawyers, guns & money

April 25th, 2008 · No Comments

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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Tags: Virginia · industry · local issues · regulation · states

Gold for oil

April 23rd, 2008 · No Comments

According to this piece, people are bringing their gold to pawnshops to get enough money to fill their gas tanks before payday.   From the article:
   “We’ve got people from Williamsburg and different places that have never been in a pawn shop, and they are a little bit nervous coming in until they talk to my […]

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Tags: Virginia · alternatives · industry · states

Letter to editor runs in Virginia’s Daily Press

April 22nd, 2008 · No Comments

Tommy Moore discuss the negative impacts of payday loan bans in his most recent LTE.

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Tags: Daily Press · Virginia · industry · media coverage · positive media coverage · regulation · states