Comment of the Day
October 28, 2008 | Uncategorized | Comments (0)I’m not sure of an entry to add this to so I will put it here. As I was thinking this morning about the comments stating that we, the payday loan industry, drive our customers into bankruptcy and started crunching some numbers in my head. I have a store with over 1000 customers in my system and just over 1% of them have filed bankruptcy with me as a creditor.
As we have learned, it is easier for them to make-up numbers and “facts” to fit their agenda as opposed to actually getting real facts to tell the truth.
Ohio’s latest
October 28, 2008 | Ohio, industry, regulation | Comments (1)We missed these from yesterday:
We do believe this Bankrate.com study
October 28, 2008 | alternatives, industry, personal finance | Comments (0)It says ATM fees and overdraft protection costs rose again this year:
Fees for bounced checks and withdrawing cash from an out-of-network ATM rose again this year, according to a survey released Monday by Bankrate.com. The average cost of using another bank’s automated teller machine is now $3.43, up 13 percent from last year. A bounced check costs an average of $28.95, up 2.5 percent from a year ago, according to the survey
I know Americans are positive thinkers, but…
October 28, 2008 | personal finance | Comments (0)The Payday Pundit isn’t sure this poll by bankrate.com is very accurate. Only 1 in 4 Americans are “very worried” about investing in the stock market? The Payday Pundit’s personal poll indicates that 100 percent of the people he knows are worried about investing in the stock market.
What’s wrong with this picture?
October 28, 2008 | Ohio | Comments (0)We’ll help you out. The story is about the payday lending referendum, the picture is of a check casher. Sure, they may do payday loans too, but how hard would it have been to take a picture of a payday loan sign?
Money well spent
October 28, 2008 | Dayton Daily News, Ohio, industry, regulation, states | Comments (0)The Dayton News does breakdown of where the money went so far in the Ohio campaign to overturn the state’s rate cap law. Nothing shocking here.
As Mansfield (OH) goes, so goes…
October 28, 2008 | Ohio, Uncategorized, industry, regulation, states | Comments (0)Well, the Payday Pundit isn’t sure. In any case, the Mansfield News isn’t backing off it’s support or rate caps. Somehow, we think this editorial won’t be a factor in the outcome of Issue 5.
Most erroneous sentence of the year
October 28, 2008 | California, media coverage | Comments (0)From the Inglewood (CA) Weekly:
Predatory lenders congregate in the inner cities peddling payday loans and charging exorbitant rates to cash checks.
According to a NY Federal Reserve staff study, payday loans are not “predatory.” They also don’t congregate in inner cities–they’re more common in suburban strip malls–and they don’t cash checks, check cashers do. Other than that, good job!
OH, AZ initiatives get national attention
October 28, 2008 | COHHIO, Wall Street Journal, industry, industry critics, media coverage, regulation | Comments (0)Even the Wall Street Journal is now writing about the Ohio and Arizizona ballot initiatives:
Now payday lenders are fighting back with the ballot measures. They are pouring $30 million into initiatives that will be on the Nov. 4 ballot in Arizona and Ohio, where payday-lending branches outnumber Starbucks and McDonald’s outlets combined. The two states have laws that kicked in this year that cap annual interest rates at 36% and 28%, respectively, effectively outlawing payday lenders, which have a business model that depends on average annual rates of 391%.
“Most people think eliminating a credit option in a time of credit crisis is a bad idea,” said Stan Barnes, chairman of Yes on 200, a political-action committee that is championing the Arizona ballot initiative. Yes on 200 is financed by the local affiliate of the Community Financial Services Association, a national payday-lending group.
Don’t pick on payday lenders
October 27, 2008 | Ohio, Zanesville Times Recorder, best practices, industry, media coverage, regulation, states | Comments (0)Wisdom in today’s Zanesville (OH) Times Recorder.
