“Fifteen is the magic number… Once it gets below $15, the attractiveness of the product goes away exponentially, given the fact that loan losses can be quite significant.”
Equity analyst Daniel O’Sullivan believes that a fast cash loan shop must charge a minimum of $15 per $100 borrowed to remain profitable… Calculated using the Deferred deposit loan Calculator (External [...]

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“The Board anticipates that the maximum charges established by this Order will result in some, if not many, payday advance lenders exiting Manitoba, and acknowledges that such a result will bring transitory hardship to some personal loan borrowers who will either have to establish an alterative source of credit or do without.”
According to Maximum Charges for [...]

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“This analysis suggests that… the money advance lending industry has now fundamentally transformed the financial services sector catering to lower income Americans. Moreover, our findings should serve as conclusive proof that conservative Christian Americans are a prime demographic target ofthe personal loan lending industry.”
Christopher Lewis Peterson and Steven M. Graves came to this fascinating conclusion in [...]

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“It’s why neighborhoods with lower median incomes – such as Norfolk’s Berkley and Portsmouth’s Brighton/Prentis Park – have no personal loan lenders, while Portsmouth’s solidly suburban subdivisions along Portsmouth Boulevard near Chesapeake Square Mall have a cluster of them.”
The Virginian-Pilot staff writer Meghan Hoyer found that payday advance lenders target middle-class neighborhoods and avoid poor areas of [...]

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“Sometimes [a personal loan loan] is your only option. I respect the fact that they’re there when you need them. You have bills, and you have to pay them. But I have never recommended this to anyone. You can’t catch up.”
Payday loan consumer Tasnuva Ahmed, who has been using post-dated check loans regularly for two years, [...]

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“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 [...]

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“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 [...]

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“What started as a short-term solution became a two-year financial nightmare.”
Gail Meyers describes her ordeal when a $300 deferred deposit loan turned into $2,500 of debt… Meyers’ poor credit rating and maxed-out credit cards left her with very few cash loan options:
“I couldn’t get a loan because of my [debt-to-income ratio]. My credit cards were maxed out. [...]

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“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 [...]

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“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 [...]

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