Report from Missouri hearing
February 19, 2010 | Missouri, industry | Comments (0)Payday lending employees “filled the room.” From the story:
Payday loan companies say it isn’t fair to look at their fees on an APR basis. Their customers aren’t comparing payday loans with the kinds of loans measured in APR, but with the costs of a bounced check, or the penalty for paying a utility bill late, or the price of overdraft protection.
“All of those things are significantly more expensive than payday loans, and not only that, but they affect your credit,” said Doug Nickerson, chief financial officer for QC Holdings.
His comments found a receptive audience among the 100 or so people at the St. Louis Library’s Carpenter Branch. Most were employees of his company or other payday loan outfits.
“We filled the room tonight because we’re concerned about our jobs,” Tom Linafelt, a QC Holdings spokesman, said later.
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