Comments on: Military Crushes Payday Lenders with Shock Awe and a 36 Percent Interest Cap http://www.autocreditexpress.com/blog/2008/11/11/military-crushes-payday-lenders-with-shock-awe-and-a-36-percent-interest-cap/ How to get an Auto Loan with Bad Credit - Auto Credit Express Sat, 07 Nov 2009 22:58:50 +0000 http://wordpress.org/?v=2.6 By: Steve Cypher http://www.autocreditexpress.com/blog/2008/11/11/military-crushes-payday-lenders-with-shock-awe-and-a-36-percent-interest-cap/#comment-464 Steve Cypher Mon, 24 Nov 2008 16:54:11 +0000 http://www.autocreditexpress.com/blog/?p=366#comment-464 Mo, Evidently the public isn't the only sector that has been "misrepresented" by your industry. In this case the military - hardly what I would call the public sector - has also found this industry is predatory. Since it appears your company supplies software to this industry, your opinion is hardly unbiased and I would expect that you would support them. You say that 70% of your customers come from distressed bank accounts, yet neither you nor anyone else in the industry has ever come up with any independent data that suggest you are performing any kind of meaningful service to your customers. According to the DoD report - which, by the way, is based on fact, it found that payday lenders make loans "based on access to assets ... not on the ability of the borrower to repay the loan." So spare me your "misrepresentation" rhetoric. Mo,
Evidently the public isn’t the only sector that has been “misrepresented” by your industry. In this case the military - hardly what I would call the public sector - has also found this industry is predatory. Since it appears your company supplies software to this industry, your opinion is hardly unbiased and I would expect that you would support them. You say that 70% of your customers come from distressed bank accounts, yet neither you nor anyone else in the industry has ever come up with any independent data that suggest you are performing any kind of meaningful service to your customers.
According to the DoD report - which, by the way, is based on fact, it found that payday lenders make loans “based on access to assets … not on the ability of the borrower to repay the loan.” So spare me your “misrepresentation” rhetoric.

]]> By: Mo@Payday Loan Software http://www.autocreditexpress.com/blog/2008/11/11/military-crushes-payday-lenders-with-shock-awe-and-a-36-percent-interest-cap/#comment-444 Mo@Payday Loan Software Sat, 22 Nov 2008 08:31:55 +0000 http://www.autocreditexpress.com/blog/?p=366#comment-444 Its small articles like this one that really give the public a misrepresentation of the payday lending industry. I run into about 10 of these a month, and they all say about the same thing: Loan sharks... blah blah blah... baseball bats... blah blah blah... not a legitimate business... etc. Its funny that we all decide to use this industry as a punching bag to make ourselves feel like we're actually in control of our society - i mean after all, we are shutting them down in Ohio and other states right? The answer to that is YES. The downside to this movement is something that is made completely invisible through the media. Why don't we talk about NSF fees from banks? After all - its the payday lending industry's main source of income. I would say that 70% of our customers come from distressed bank accounts. Bank accounts which are regularly charged $70 - $100 dollars for over drafting $50 in three transactions. How can you complain about our fee's if you're allowing the general public to pay banking NSF charges upwards of 3000% APR? Why aren't we complaining about our health care system and its predatory prices?? There are plenty of industries in this world to use as a punching bag, but lets stay off following a movement that was funded by banks and credit unions shall we? <a href="http://www.SynapticDatabase.com" title="Payday Loan Software" rel="nofollow"> <a href="http://www.paydayadvanceforum.com" title="Payday Loan Industry Forum" rel="nofollow"> Its small articles like this one that really give the public a misrepresentation of the payday lending industry. I run into about 10 of these a month, and they all say about the same thing: Loan sharks… blah blah blah… baseball bats… blah blah blah… not a legitimate business… etc.

Its funny that we all decide to use this industry as a punching bag to make ourselves feel like we’re actually in control of our society - i mean after all, we are shutting them down in Ohio and other states right? The answer to that is YES.

The downside to this movement is something that is made completely invisible through the media. Why don’t we talk about NSF fees from banks? After all - its the payday lending industry’s main source of income. I would say that 70% of our customers come from distressed bank accounts. Bank accounts which are regularly charged $70 - $100 dollars for over drafting $50 in three transactions. How can you complain about our fee’s if you’re allowing the general public to pay banking NSF charges upwards of 3000% APR?

Why aren’t we complaining about our health care system and its predatory prices?? There are plenty of industries in this world to use as a punching bag, but lets stay off following a movement that was funded by banks and credit unions shall we?


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