Payday loans and banks
September 29, 2008 | Center for Responsible Lending, alternatives, industry, industry critics, research | Comments (1)Here’s a very interesting essay that discusses how payday loans work, why they’re a great alternative to bank overdraft protection, and why critics are wrong. craig-parr-com220-essay
Comment of the day
September 29, 2008 | Uncategorized | Comments (0)Responding to both an industry supporter and opponent arguing over who gets hurt and helped in Ohio, our reader says:
You two need to settle down a little bit. Either way this goes, the little guy will end up losing. If the intiative does not get on the ballot or gets on and is defeated, the the little guy will lose a necessary form of credit. If it makes the ballot and wins, the little guy still loses as it will be another demonstration of the uncontrolled representation in our government. Along with this demonstration, the activists aginst the industry will work harder and harder to undermine our ability to do business and they have already forced numerous hardworking Ohioans out of a job.
“Easy Money” looks cheesy
September 29, 2008 | industry | Comments (0)This story comes with a promotional picture. The Payday Pundit will write a review following the show’s Oct. 5th premier.
How much do you know about money?
September 29, 2008 | Uncategorized | Comments (0)Take the “Funny Money Quiz” at Walletpop.
Harshing on banks
September 29, 2008 | alternatives, industry | Comments (0)This crazy guy at the Huffington Post says that banks are “evil.” The Payday Pundit thinks he’s a little overwrought.
Unfunny and stupid
September 29, 2008 | Columbus Dispatch, industry | Comments (0)That’s the only way to characterize this column by anti-payday lending columnist Amy Fisher. The column is virtually devoid of any substance and facts. As former British Prime Minister Margaret Thatcher used to say, “When your opponents are calling you names, it means they are out of argument.”
They’re beginning to get it
September 29, 2008 | Columbus Business First, Ohio, industry, industry critics, media coverage, states | Comments (0)This balanced Columbus Business First story explains the issue in Ohio as being a question of access to credit:
While advocates and opponents have been arguing over payday lending for the past year, broader issues related to credit have come front and center only recently when the mortgage crisis seized the financial services industry.
That backdrop has emboldened payday lending supporters to question the wisdom of cutting off a funding source. They say payday lending is a critical source of emergency cash, particularly during a time of economic duress.
“This credit crisis is pushing a lot of people to the brink, and payday loans may help bridge their difficulties for a little while to help them avoid foreclosure,” said Victor Stango, associate professor of economics at the University of California-Davis who has studied payday lending. “This might be the worst time to deny people access to that high-interest credit.”
Pawnshops booming
September 28, 2008 | Oregon, alternatives, industry, media coverage, states | Comments (0)In Oregon. I guess when you eliminate payday lending, someone will pick up the slack.
Law of unintended consequences?
September 28, 2008 | Columbus Dispatch, Ohio, industry, media coverage, states | Comments (8)Some internet payday lenders are calling in their Ohio loans, saying they have to under the new law.
Credit is key to success
September 26, 2008 | Ohio, industry, media coverage, regulation, states | Comments (0)Great letter into today’s Lima, Ohio newspaper.
