“unfairly attacked’
October 26, 2009 | Alabama, industry | Comments (0)Payday lenders responds to the Montgomery Advertiser:
There is clearly no way payday lenders can sensibly be blamed for the ills mentioned by the Alabama Poverty Project. There is also no way for a consumer to reach the much-hyped triple-digit interest rate mentioned in the column because a loan cannot be extended for a full year. It is unfair to judge short-term, two-week loans on an annual percentage basis.
Other alternatives to payday lending do not stack up either. Not everyone can turn to a family or friend for an emergency loan. Credit cards, the solution touted by the Alabama Poverty Project, come with steep fees that far exceed the price of a payday loan.
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