Not a loophole
December 14, 2009 | Daily Press, Virginia, alternatives, industry | Comments (5)How come every place a traditional payday lenders offers an alternative service, the media calls it a “loophole?“ Just asking.
Speaking of elites
November 19, 2009 | Daily Press, Virginia, industry | Comments (0)The Center for Responsible Lending has a letter-to-the-editor today in Virginia’s Daily Press. Same old blather:
At a time when dollars are so dear — especially to average working people — every member of the Virginia legislature must take a stronger stand against predatory lending than was expressed last year. In these dire financial times, broadly calling for change is simply not enough. Virginia’s families are waiting for its leaders to bring needed changes to their daily lives. The question for the Virginia legislature is, “Who among our elected state officials will support this much-needed reform?”
Typical deception. When the writer says “reform” she means “ban.”
Where do Virginia customers go?
October 22, 2009 | Virginia, alternatives, industry | Comments (0)From a letter in yesterday’s Augusta Free Press from the Center for Consumer Freedom:
Following restrictions that limit short-term payday lending access for borrowers, many cash-strapped Virginians are left wondering where to turn (”Shannon releases plan to protect consumers on payday lending,” Oct. 16 AFP). As payday lenders close their doors, their former customers are forced to resort to more expensive alternatives to make ends meet.
That’s the crux of it. People need credit and will seek it where ever they can.
“uneducated and ideological”
October 21, 2009 | Daily Press, Virginia, industry | Comments (0)Larry Meyers rips the Daily Press columnist we discussed below:
It isn’t that Tamara Dietrich complains about payday lenders. Lots of uneducated or ideological journalists attack the industry with unsupported accusations or misrepresentations. However, her article in the Daily Press shows a staggering level of delusion and, frankly, outright stupidity that she deserves to be hung out to dry.
I think Larry hides his feelings too much. He needs to learn to vent a little.
Projection
October 21, 2009 | Daily Press, Virginia, industry | Comments (0)That’s what psychiatrists call it when someone accuses someone else in terms that really applies to the accuser. In this case, a Virginia Daily Press columnist asks if a payday lending company is “mentally ill.” Read the entire screed and determine for yourself if this is “projection” or not.
“distortions and misrepresentations”
October 20, 2009 | Daily Press, Virginia, industry, positive media coverage | Comments (0)In a newspaper? Who’d believe it? An Advance America executive said this in today’ Virginia Daily Press:
During our eight years as a licensed lender in Virginia, Advance America has demonstrated a strong record of compliance. We steadfastly believe that a regulated financial environment is in the best interests of our customers.
But I believe that further regulations to restrict short-term lending in Virginia — as your paper advocates — will simply reduce the supply of credit and make borrowing more expensive for consumers. Many consumers will be forced to confront rapidly increasing bank and credit union fees for overdraft protection. Still other consumers will likely turn to unregulated lenders, including those offering loans exclusively over the Internet.
“Coddled?”
October 9, 2009 | Virginia, industry | Comments (0)Oh, that’s exactly how Virginia lenders feel.
Payday loans=”modernization”
September 21, 2009 | Virginia, alternatives, industry | Comments (0)From today’s Roanoke (VA) Times:
…some credit unions are aggressively modernizing, offering a version of payday lending and marketing themselves on Facebook and Twitter.
We don’t like your agenda
September 11, 2009 | Daily Press, Virginia, employees, industry | Comments (0)Virginia’s Daily Press lists its legislative priorities:
Outlaw predatory lending
If the General Assembly can’t do the right thing on payday and car-title lending — after several years and the backing of a broad coalition eager for reform — we should question whether legislators are up to their job.
The law needs to protect people who are in financial distress from lenders who prey on them. They lend small amounts at usurious, punishing interest rates — often well above 300 percent APR — and under crushing conditions, such as confiscating borrowers’ vehicles if they miss payments.
The right thing to do is obvious: Impose a 36 percent interest-rate cap on short-term loans, the same cap that federal authorities impose to protect members of the armed services.
Sure, it’s a terrific time to reduce credit and layoff workers.
The missing word
September 3, 2009 | Virginia, alternatives, industry | Comments (1)The missing word from this story about a Virginia loan program for state employees is “subsidized.” Yes, it’s less costly to the borrower when the state is subsidizing his or her loan.
