“The government of Manitoba has taken a very socialist attitude of where they want to go… Why are they regulating us? Are they telling Wal-Mart what to charge? Are they telling anybody else what to charge? It’s a free market.”
Payday lender Leo Sorensen believes thatthe government has no place telling a business what [...]
“I recommend that the Board set the maximum fee for cash advance lending in the range of $20 to $23 per $100 of personal loan advance. A fee of $23 would allow smaller companies to operate in Manitoba, allowing the forces of competition to operate more fully.”
Doctor Lawrence I. Gould, Professor of Finance at the University of [...]
“The very consumers you are trying to protect will be harmed by higher interest rates charged by unregulated internet payday lenders… New Hampshire consumers will have to turn over access to their checking accounts to a company operated over the internet that they cannot visit, cannotbuild a relationship with, and in some cases, cannot [...]
“We’ve had a lot of people upset. It has been hard the last few days telling them that we’re no longer able to make [payday] loans to people in the military.”
According to personal loan lender Wendy Gibson, armed forces personnel are upset over the Military Lending Act thatwent into effect on Monday because it limits [...]
“If I had a choice, I wouldn’t [use personal loan loans]… The job right now is just not cutting the mustard. You gotta do what you gotta do… I’m just barely getting along paycheck to paycheck…”
Mechanic Norman Jacko describes his reasons for using check advance loans and shares his thoughts on whether cash advance lenders target miniorities… According to [...]
“It is discouraging that a paper as prestigious as the Washington Post failed to do its homework on our issue. We offered to sit down with the editorial writer who refused to meet us. Instead she took the word of a disingenuous anti-business activist group, the Center for Responsible Lending, reprinting their factually inaccurate charges [...]
“Are you going to start zoning out McDonald’s because it’s bad for your health? If you take away our product, all you’ve done is take away one of the tools that folks have to choose from when they find themselves in need of cash?”
Advance America director Jamie Fulmer opposes zoning laws that make it harder [...]
“It’s a never-ending cycle, I realize. But for some of us with low-incomes, that’s the only way we have to survive.”
Payday loan consumer Rose Tubens believes that cash advance lenders offer a necessary service to people with no credit… Tubens, who lives on disability income, borrowed $250 from a payday advance lender. She was going to [...]
“Appropriate state regulations provide strong protections for consumers, while ensuring continued access to choices for short-term credit needs… That same principle should apply in cyberspace.”
Payday loan industry trade group president Darrin Anderson believes that onlinelenders should be licensed in each state where they do business and has introduced a new guideline for member companies… The [...]
“Let a consumer be a consumer… If it don’t suit you, don’t do it.”
Payday lender James Wood believes that the government should not be intruding into consumersâ lives and that borrowers should have the freedom to choose financial products that suit them⦠Wood also said that while customers with financial problems do rewrite loans, they stop [...]