Comments on: The Center for Irresponsible Payday Loan Studies

By: » The Payday Loan Opponent Hall of Shame - Blogger News Network

» The Payday Loan Opponent Hall of Shame - Blogger News Network — Fri, 27 Mar 2009 23:45:09 +0000

[...] Every study quoted is truly non-partisan with impeccable methodology, as opposed to the alleged Center for Responsible Lending. I have experience in the stores with customers and owners alike. I’ve visited many times [...]

By: royg

royg — Fri, 14 Nov 2008 05:17:41 +0000

Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn’t see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from http://www.cashloancity.com and I really believe it is the only thing “at the time” that saved us. I understand that there’s a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We’re even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one?

By: Yadyap: Peer-to-peer (P2P) payday loans

Yadyap: Peer-to-peer (P2P) payday loans — Tue, 11 Nov 2008 03:50:30 +0000

Check out another new peer to peer lending website at yadyap.com. YadYap still getting the final touches of the system completed and hope to launch soon.
YadYap has a unique niche: Peer to Peer Payday loans!
We will allow the everyday lender to lend small amounts of money to borrowers that would otherwise have the only option of a traditional payday loan.
YadYap is different than everyday payday lenders because we have an auction system that will deliver the lowest rates possible to borrowers due to an efficient market being created.
What about lender returns? Let’s just say there is a large spread to work with in traditional payday loans that will allow lower rates to borrowers with lenders still making good returns.

By: Jon Schultz

Jon Schultz — Wed, 05 Nov 2008 01:57:29 +0000

Of course people who use payday loans are more likely to file for bankruptcy, etc., than people who don’t. Payday loan customers use payday loans because they’re in relatively poor financial shape. Any idiot could thus tell you that they are more likely than the average person to exhibit other symptoms of financial hardship.

The only thing this “study” tells you is that the University of Michigan, which I imagine funded it, should fire law professor Michael S. Barr – who coincidentally released his brilliant work right before the Arizona and Ohio referendums were to be voted on.

And the FTC then allowed Dr. Barr to give them a presentation on the survey. I wonder how much that cost in FTC employee time. Good to know they are spending our tax dollars wisely.

It’s a mad mad mad mad world…

By: The Center for Irresponsible Payday Loan Studies

The Center for Irresponsible Payday Loan Studies — Tue, 04 Nov 2008 20:00:28 +0000

[...] Random Feed wrote an interesting post today onHere’s a quick excerptThey’re at it again. The Center for Responsible Lending, the corrupt “charity” that consistently and fraudulently attempts to ban payday loans to fill their own coffers with competing products, has released the results of another “Study”. This time, in an attempt to remove consumer choice from Ohio and Arizona, they trot out a [...] [...]

By: Simon Barrett

Simon Barrett — Tue, 04 Nov 2008 19:26:10 +0000

I have to admit that when I first came across the Payday Loan industry, I was horrified! The ‘facts’ were clear, this was an industry preying on those that could least afford it. The APR on these loans went from 300% to over 1000%

Outrageous, I shouted. Then I looked into the reality a little more. You have no credit cards, you have no credit at all, you don’t have rich relatives or friends, but you still need to get your car fixed, otherwise you can also add NO JOB, to the list of things you do not have.

A Payday loan is exactly what it sounds like, a short term loan till next payday. The average repayment terms work out to be about $10 per $100 borrowed.

The Banks don’t want to get involved, they are too busy bankrupting the country to care about making a $100 loan that is unsecured. They would rather squander $billions and wait for the feds to bail them out.

The vast majority of people that borrow that $100 pay it back, can the Banks claim that as well?

Oh and this is not an anonymous post, I don’t mind sharing my email address, just click on the big black box to your right, that says Writers Wanted (I am the Editor).

Simon