25
Jan

Banks Exiting Payday Loans-Oh, Wait They’re Entering PDL Biz

begging-for-a-payday-loanBy: Jer Trihouse. Man, I’m seriously confused! This CNN Money piece indicates banks are exiting the payday loan – cash advance industry. But this piece at ABC Action News says banks are entering the industry. Which is it? It would appear EVERYONE is confused! The media, the banks, payday loan lenders, ACH providers, tribes, the CFPB, state attorney generals…

It’s a challenge to succeed in this industry despite the 60M U.S residents who use payday loan products. Imagine if the regulators gave us the green light in NY, AK, GA, NJ, PA… Borrowers in these states could borrow a few hundred bucks in their state and not call my stores on the West Coast and literally “beg” for a short-term loan. Believe me! This is today’s reality! It’s not hard to imagine that the rates borrowers pay for short-term loans would decline as well.

Wishful thinking!

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