The Payday Pundit is dancing on the grave of the Washington Independent, an online news site that folded today because it couldn’t make money. The Independent was anti-free markets, a critic of all industries that offered private sector solutions to the problems of working Americans and in general an ideologically driven news institution. The Independent lived off of donations, probably from people who made money in ways the Independent journalists wouldn’t approve of. Goodbye and good riddance.
Categorized | Media Inaccuracies
9 Responses to “See ya, wouldn’t wanna be ya”
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- Thanks Hinkle. Overregulation of payday loans does hurts consumers.
- Payday lenders with honest debt collection practices
- What it means to comply with payday lending laws
- Responsible Use of Short-Term Credit: OK customers talk about how they use payday loans
- Treasury to reward $25k to mobile financial app designers
- Tribal partnerships the practice of SOME lenders, not CFSA members
- Consumers will move with their feet to financial options that work for them
- FDIC survey finds increase in unbanked and underbanked households
- The more options the better!
- CFSA: We’re “payday” and we’re proud of it
Alternatives Arizona Arkansas ban bank fees bans Best Practices (Within the Industry) bounced check fees Center for Consumer Freedom Center for Responsible Lending Cleveland Plain Dealer Colorado Columbus Columbus Dispatch consumer choice credit cards Customers D. Lynn DeVault Employees FDIC financial choice HB 545 Herb Sandler Issue 5 job loss Local Issues Missouri New Hampshire North Carolina Ohio Oregon overdraft protection payday loan alternatives rally rate cap rate caps Research South Carolina South Carolina payday lending state regulation The State Virginia WalletPop Wall Street Journal washington state payday lending
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So, just so I’m clear: In an economy where there’s about 10% employment, you’re “dancing on the graves” of those who have just been laid off?
Perhaps you’re unaware of this, but some people have the perception that the payday loan industry is a haven for soulless demented people looking to profit off the bad luck and misery of the less fortunate. This type of juvenile schadenfreude isn’t doing your industry any favors.
If it were pro-free-market, I suppose it would have found a loon to sponsor it as a propaganda outlet so it can operate at a loss.
Payday lenders have closed stores in Ohio, Oregon, New Hampshire, Arizona, and Washington, DC because propoganda from outlets drive legislatures to enact rate caps. The industry’s critics have shown little sympathy for the thousands of employees who’ve lost their jobs.
If I have to close my stores, lay-off my employees, file bankruptcy and can no longer help my customers, will there be anyone other than those in my industry to be their to lend me support? No, because the the ones with a voice against the industry have never taken the time to learn about the process or the people that provide and use the service. They just feel the need to protect everyone and make them conform to thier idealistic and in many cases, unrealistic way of living for the common citizen.
I must say I’m delighted to read in the comments that some payday lenders have actually been forced to close down. It’s the most delightful news I’ve read all day. I’m sure the executives are living quite comfortably off the profits they made from usury and exploiting the desperate poor with loan shark interest, but I’d like to imagine they ended up living in poverty next to their former victims. I hope to live long enough to dance on the grave of the payday loan industry.
The fact is that I both work at and use payday loans. They are highly regulated and useful when used correctly. This means that yes there is a profit but not as much as people think. It is a very expensive business to run! We are responsible for doing our due dilligence to be sure that the customer can repay us. Let me tell you the first time that you have nowhere to turn and you need money for fixing a car that broke, paying for a medical emergency, or were sick and your paycheck didn’t quite cover the bills you would be thankful that there is someone out there that you can loan the money from to take care of those things. People can think the worst if they wish but should take the time to compare the bank fees or shut off fees to the fees of a payday loan so that they can see which alternative is better. Again, profit – obviously or know one would own a payday loan place! Loanshark??? I don’t think so! Again we are highly regulated!