“Not predatory”
February 24, 2009 | Kansas, customers, employees, industry, positive media coverage | Comments (0)Tom Linafelt of QC Holdings, a Kansas City-based payday lender, gives the readers of the Lawrence Journal some facts:
According to “An Analysis of Consumers’ Use of Payday Loans” by researcher Gregory Elliehausen of George Washington University, “customers used the loans a small or moderate number of times during the past year, typically for less than a month at a time. Such use seems consistent with the intended purpose of payday loans as short-term borrowing to pay unexpected expenses or relieve temporary shortfalls in income.”
Finally, “few payday loan customers considered payday loans as a debt trap. Only about 3 percent of payday loan customers mentioned difficulty of getting out of debt as a reason for being dissatisfied or only partially satisfied with their most recent new payday loan.”
Have you noticed how rarely newspapers editoral writers quote solid, respectable scholarship in their rants?
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