Comments on: Payday Loans: Tamara Dietrich Has Lost Her Mind http://www.bloggernews.net/122702 High-quality English language analysis and editorial writing on the news. Thu, 16 Feb 2012 09:38:54 +0000 http://wordpress.org/?v=2.3.3 By: yclark http://www.bloggernews.net/122702#comment-1434477 yclark Fri, 30 Oct 2009 18:25:45 +0000 http://www.bloggernews.net/122702#comment-1434477 I agree that the public is very confused about topics that are important and affect many of us. However, the public maintains an unconditional trust and belief of media and media outlets. They trust that the media as an entity has their best interest at heart no matter the subject. These same media outlets have roots in special interest groups and biased sources which in turn gets presented to its audience. It then becomes our responsibility to separate fact from fiction instead of taking a stance based off of what we hear or read initially. I agree that the public is very confused about topics that are important and affect many of us. However, the public maintains an unconditional trust and belief of media and media outlets. They trust that the media as an entity has their best interest at heart no matter the subject. These same media outlets have roots in special interest groups and biased sources which in turn gets presented to its audience. It then becomes our responsibility to separate fact from fiction instead of taking a stance based off of what we hear or read initially.

]]> By: jadeddem http://www.bloggernews.net/122702#comment-1428429 jadeddem Thu, 22 Oct 2009 20:56:29 +0000 http://www.bloggernews.net/122702#comment-1428429 Let's just take it as a given that the Riverside credit union program is perfect. What the Congresswoman fails to realize but the author so poignantly addresses is that this credit union is an exception to the rule. If the payday lenders are banned, who will serve the overwhelming need. Banks generally do not give $100 loans and there are only a handful of credit unions who make small loans. What is also not addressed is the actual out of pocket costs associated with the credit union loan and the payday lender loan. If there is even one application fee or membership fee rolled into a small loan given by a credit union, it is already a much more expensive option for the consumer. Let’s just take it as a given that the Riverside credit union program is perfect. What the Congresswoman fails to realize but the author so poignantly addresses is that this credit union is an exception to the rule. If the payday lenders are banned, who will serve the overwhelming need. Banks generally do not give $100 loans and there are only a handful of credit unions who make small loans. What is also not addressed is the actual out of pocket costs associated with the credit union loan and the payday lender loan. If there is even one application fee or membership fee rolled into a small loan given by a credit union, it is already a much more expensive option for the consumer.

]]> By: PaydayLendingRep http://www.bloggernews.net/122702#comment-1428405 PaydayLendingRep Thu, 22 Oct 2009 20:20:22 +0000 http://www.bloggernews.net/122702#comment-1428405 Thank you for this rarely seen defense of the payday loan industry. CFSA is the national trade association representing responsible payday lenders. With membership representing more than half of the payday advance outlets nationally, CFSA promotes laws and regulations that protect consumers while preserving their access to credit options. The association also works on behalf of members to support and encourage responsible industry practices. CFSA supports regulations that ensure the product is used responsibly and are doing our part to encourage responsible use. We want customers to use payday advances wisely and we want the service to be a solution for individuals who need low-dollar, short-term credit. To that end, CFSA member companies have taken a significant step forward in our ongoing commitment to responsible lending. Customers deserve choices and do not want others making financial choices for them. Adults should be given information and be allowed to make a decision about what financial products work best for their families and their individual situations. Taking away choices does not help consumers. Research shows consumers are harmed when payday lending is no longer an option. Thank you for this rarely seen defense of the payday loan industry.

CFSA is the national trade association representing responsible payday lenders. With membership representing more than half of the payday advance outlets nationally, CFSA promotes laws and regulations that protect consumers while preserving their access to credit options. The association also works on behalf of members to support and encourage responsible industry practices.
CFSA supports regulations that ensure the product is used responsibly and are doing our part to encourage responsible use. We want customers to use payday advances wisely and we want the service to be a solution for individuals who need low-dollar, short-term credit. To that end, CFSA member companies have taken a significant step forward in our ongoing commitment to responsible lending.
Customers deserve choices and do not want others making financial choices for them.
Adults should be given information and be allowed to make a decision about what financial products work best for their families and their individual situations.
Taking away choices does not help consumers. Research shows consumers are harmed when payday lending is no longer an option.

]]> By: Kathy Hanby http://www.bloggernews.net/122702#comment-1428048 Kathy Hanby Thu, 22 Oct 2009 13:30:13 +0000 http://www.bloggernews.net/122702#comment-1428048 This is a needed service! The total cost of a payday loan is disclosed to consumers on signs in stores and in loan agreements. There are no hidden charges! Payday loan opponents and the misinformed media know very little about payday lending. An APR is not an appropriate measure for short-term loans. This is not how a payday loan works! I have never read or heard of anyone placing an APR on a one-time NSF charge or a late fee on a credit card. If they were looked at the same way, the APR would triple the one time fee of a payday loan. I think one needs to get the facts straight before writing these articles. Most of the material I’ve read about payday lending is far from the truth. It’s no wonder the public is confused. This is a needed service! The total cost of a payday loan is disclosed to consumers on signs in stores and in loan agreements. There are no hidden charges! Payday loan opponents and the misinformed media know very little about payday lending. An APR is not an appropriate measure for short-term loans. This is not how a payday loan works! I have never read or heard of anyone placing an APR on a one-time NSF charge or a late fee on a credit card. If they were looked at the same way, the APR would triple the one time fee of a payday loan. I think one needs to get the facts straight before writing these articles. Most of the material I’ve read about payday lending is far from the truth. It’s no wonder the public is confused.

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