Comments on: Payday Loans: Sam Glover Needs An Education

By: How Payday Loans Work

How Payday Loans Work — Fri, 03 Apr 2009 00:06:39 +0000

It’s sad to see people trying to trash an industry that is still keeping many Americans afloat. I’ve read studies that show that there is no ‘cycle of debt, as many critics try to claim, and that payday loans don’t lead to bankruptcy. This means that these people are merely using their own personal opinions to try to influence others as being the truth. I don’t think it’s right and there should be more voice for those people that use short term loans responsibly.

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 23:50:25 +0000

[…] Sam “Crybaby” Glover is another ideologue who blogs for the Consumerist, which is generally a great website, except for its foolish posts about short-term credit. Crybaby’s feelings are so fragile that when I challenged him via Email on his nonsensical blog post, he refused to engage because I “insulted” him. Suck it up, Crybaby. How do you think the 100,000 people employed in the short-term credit industry feel when you advocate taking their jobs away? That’s something to cry over. […]

By: Payday Lending Rep

Payday Lending Rep — Fri, 20 Mar 2009 20:00:31 +0000

Thanks so much for this post–it’s so frustrating when writers impugn the industry without the financial literary to understand the argument they are making!

Thanks again for advocating for consumer choice!

By: ray

ray — Wed, 18 Mar 2009 16:11:38 +0000

Borrowing money and where to borrow it from can be a touchy subject sometimes, but we, like a lot of people, have had to borrow before. Yes there are some places “won’t name any names here” that we have borrowed from and it was a joke. They charged us way too much. With that said, there is a site http://www.cashloancity.com that drifts through the good and bad and finds the best for you. We trusted the site for a $200 loan the other day and I’m glad we did. We will be back when we need it.

By: Educational Technique Resources » Blog Archive » Parent Student Loans: Make yourself Hassle Free for Studying Further

Tue, 17 Mar 2009 14:01:05 +0000

[…] » Payday Loans: Sam Glover Needs An Education - Blogger News Network […]

By: Lani

Lani — Fri, 13 Mar 2009 18:20:48 +0000

It’s rare that individuals truly understand the complexity of short-term lending and all of the misconceptions associated with it. Unfortunately, most people fall victim to the misconceptions and don’t take the time to discover the real truths. In addition, our societal forces have plagued us with unaccountability in which the masses seem to think that someone else is ultimately responsible for their decisions and actions. Are we all so naive and incompetent that we really believe that others force our hands in making decisions whether favorable or unfavorable? The reality is that a 36% APR on a two week loan is ridiculous and the requirement of having to present a two week loan as an Annual Percentage Rate encourages a false perception of the product. An instance in which a consumer takes out a payday loan every two weeks (every payday) for an entire year is an extremely rare scenario. Anyone who does such is clearly in need of more than a short-term loan.

By: Lawrence Meyers

Lawrence Meyers — Fri, 13 Mar 2009 15:38:34 +0000

Here’s the link to his “article”.

http://consumerist.com/5168071/national-usury-limit-could-reduce-number-of-people-paying-debt-until-they-die

By: Doug

Doug — Fri, 13 Mar 2009 13:12:06 +0000

Can you post a link to the article on his site. I would like to read it and possibly comment on it

By: Joe The RAL Guy

Joe The RAL Guy — Fri, 13 Mar 2009 12:19:19 +0000

Most critics have never walked a mile in the shoes of those who use and “need” these products and never will because they have access to mainstream credit options that these people don’t. Their efforts only hurt the ones they purport to be helping and they claim to be representing millions of Americans who don’t even know who these groups are. Some simple perspective on a 36% APR that even Mr. Glover can understand (hopefuly)…

Sally meets Harry. They barely know each other (yet) … and Harry asks to borrow $100 from Sally for 11 days. Sally says “sure, but is $5 extra when you pay me back too much to ask?”. $5 extra doesn’t shock Harry’s conscious and he agrees. Watch the movie to see how Harry and Sally eventually make out… but if Sally posted an APR for that $5 extra for 11 days it would be “165%”..huh!!?? If Harry saw that he would have thought he was going to pay $165 to borrow $100 from Sally… NOPE! Only $5.

Hopefully for consumer groups and Mr. Glover, other than using the word “conscious”, they can see the absurdness of a 36% APR ceiling and its unintended consequences. The APR for short term loans is “totally” misleading for consumers and is meaningless.