Even payday lenders get the blues
April 30, 2009 | Kansas, Wichita Eagle, industry | Comments (0)Great story in the Wichita Eagle about a local payday lender, Speedy Cash:
Wichita’s Speedy Cash chain was founded 12 years ago by three guys who grew up together, went to Northwest High and Kansas State together, and went into business together.
It’s another Wichita entrepreneurial success story: Speedy Cash has grown roughly 25 percent per year since then and now has 82 shops across nine states, including six in Wichita.
There are now 116 people working at the corporate headquarters in two buildings at 3527 N. Ridge Road.
But these days, the payday lending industry, including Speedy Cash, is facing some pretty stiff challenges.
You’ll have to read it yourself to see where the “blues” fit it, but it’s a very straightforward, unbiased piece. And while we’re on the subject of Wichita, can we agree that “Wichita Lineman” is one of the greatest songs ever?
It’s not just Kansas
January 19, 2009 | Kansas, Wichita Eagle, alternatives, industry | Comments (0)The Wichita Eagle reports that Kansans paid an average $325 in overdraft protection fees last year.
Here’s the release with a link to the full report. See how much overdraft protection the average citizen pays in your state.
“Surprising” news in Wichita
November 18, 2008 | Kansas, Wichita Eagle, industry | Comments (1)Here’s a line from a roundup column in the Wichita Eagle:
Would you really be surprised if the city tore down the Wichita Boathouse and replaced it with a payday loan store?
The Payday Pundit is fairly hard to rattle so NO, we would not be surprised. Frankly, we didn’t even know Wichita was near water.
Witchita Eagle gets it wrong
March 31, 2008 | Kansas, Wichita Eagle, media coverage, positive media coverage, states | Comments (0)The Center for Consumer Freedom responds to a recent editorial in Kansas’ Witchita Eagle.
“…The Eagle editorial ignored these critical facts while narrowly focusing an ad hominem critique on the payday industry alone. These lenders earn a mere fraction of what traditional banks make on service fees. In 2003, bounced-check and insufficient-fund fees generated $22 billion in bank revenues, which was equal to 18 percent of banks’ net operating income. The banking industry brought in an additional $57 billion in late fees.
“Vulnerable Kansans” are best served when they have the ability to bridge temporary stress in their budget. Instead of restricting payday lenders, government should focus on making sure consumers have the ability to choose the best borrowing option for their needs.
