Comment of the Day III
July 22, 2010 | Uncategorized | Comments (1)I work for a bank that is a member company of an international house-hold name. I can assure you that we are not plotting to put payday lenders out of business. We have our hands full enough trying to manage our mortgage and commerical portfolios and businesses during these very times.challenging.
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I don’t think EVERY banker, or big bank employee is literally rubbing their hands together whilst plotting and scheming against the PDL industry… BUT, big banks have lobbied against us in the past, and are happy to spread negative propaganda about our “outrageous” APR’s of “over 400%” ($17 to borrow $100 when you have BAD CREDIT seems pretty good to me, especially with operating costs and licensing!) and then turn around and offer THE SAME PRODUCT with a different name, sometimes in states (such as Ohio) that have banned/regulated payday lending out of existence!! YOU may not personally be “plotting” but banks have proven to be very protective and territorial over their $38 Billion in NSF fees in ’09, and I’m certain they will do ANYTHING in their power to keep profits high at their customer’s expense. No one is “plotting”, they’re simply lobbying to eliminate competitors as always.