More BS: UK Payday Loan Study

By | May 20, 2013

With few exceptions, the media and so-called consumer advocacy groups do a pathetic job of reporting on the payday loan industry! At least they’re consistent; their bias makes me gag. The old saying,  “If you say it enough times, it becomes the truth” is their strategy. For your “enlightenment”  Dear Reader, a quote and a link to another feeble attempt to attack our small dollar loan industry: “Citizens Advice Bureau received 1270 survey responses (out of 4.1 million UK loans). Selected results, covering some of the main issues for consumers such as how much the loan is going to cost and how it needs to be repaid, are set out below.”  A link to the “Survey???”

Jer – Trihouse

 

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2 Comments so far
  1. miro posavec May 20, 2013 12:06 pm

    Jer,
    You’re not being fair. They had to go through MILLIONS of loans to find those 1200 complainers. These journalists are working hard to find/create their facts.

    The simple truth is that our customer service satisfaction ratings are far above banks.

    It’s a competitive market, our “people” in our industry generally do a great job. Of course we want the customer to understand what they are getting into.
    When the client doesn’t “get” it, we have to have deal with and diffuse a very angry person. PLUS, this angry, mislead person probably won’t pay. So we have a real and practical interest in doing a good job in communications.

  2. Payday Loan Industry May 20, 2013 1:26 pm

    You’re correct. Trying to identify 1200 out of 4.1M had ti be exhausting work.

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