“Much needed service”
September 22, 2009 | Wisconsin, customers, employees, industry | Comments (1)Ted Saunders, CEO of Checksmart, has a letter today in the Canton (OH) Repository:
During last year’s General Assembly session, lawmakers urged payday loan providers to alter their services. Many lenders have done so and now offer loans under the Small Loan Act and the Mortgage Loan Act at lower rates.
A large number of financial institutions, including consumer finance companies, automobile financiers and some retail companies, have used them for lending programs for years. Rep. Matt Lundy’s bill would shut down companies that previously offered payday loans, even though they are serving a distinct need and operating legally and in full compliance with all state regulations. Consumers are best served when they have access to a variety of credit options. Customers tell us that they appreciate our service — and the flexibility it allows them to manage financial challenges.
When people run out of choices, they are forced to turn to more expensive alternatives, including the costs associated with bounced checks, missed credit card payments, utility reconnection fees or unregulated offshore Internet loans.
Comments»
AMEN!