Holding columnists accountable
December 17, 2009 | Missouri, industry, local issues, positive media coverage | Comments (0)Jamie Fulmer of Advance America takes issue with a recent column in The Missourian. From Fulmer’s letter:
We post our rates and fees prominently on the walls of all our stores and our agreement documents fully outline the terms of the transaction. Customers tell us that they choose payday loans, in part, because they are simple, reliable and transparent.
Of our customers, Mr. Jarvis alleged that “nearly all felt misled or abused.” Wrong.
A recent study from the George Washington University School of Business concluded that payday-advance borrowers make informed choices. About half of those surveyed had considered other credit alternatives — such as bank or credit card services or personal loans — before taking out a payday advance. Many (over 80 percent) chose a payday advance to avoid expensive checking account overdraft fees and nearly all (90 percent) said they were satisfied with their transactions.
Many journalists or columnists who write about payday lending have never even visited a store.
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