“Payday loans are not for everyone”
February 25, 2009 | Kentucky, employees, industry, states | Comments (1)A payday lending store manager speaks out in Kentucky:
Short-term loans carry high risk and low rewards for a lender. That’s why very few banks offer a similar service. In today’s economy, many families turn to us for short-term credit, and we are glad to help them in their time of need.
Payday loans are not for everyone; they’re not intended to be and they aren’t marketed as long-term products.
They are for people truly in need of short-term credit, and critics shouldn’t try to put payday lenders out of business simply because they don’t understand what we do or haven’t taken the time to research the industry’s best practices.
As we’ve point out in this space many times. The payday lending industry makes modest profits which proves that the service is priced a low as it can get.
Comments»
Well put.