Lawrence Myers, over at BloggerNews.net, has what must be a payday loan April Fools joke. He quotes the founder for The Center of Responsible Lending, Herb Sandler, with the following:
“Our recent flawed research, complete with our worthless methodology, attempts to link payday lending to bankruptcy, closed bank accounts, credit card delinquency and a long list of other financial hardships,” McFib said. “There is really no excuse for us to manipulate the truth in this manner, other than to sway the media, public opinion, and opportunistic politicians into doing our bidding. With nobody able to stop our abuses now, we continue to distort the truth and release bogus “surveys” until we achieve our goal of complete domination over the short-term credit market. We see where lax non-profit organization oversight has led us, and we love it. We should learn a hard-taught lesson, but thankfully, nobody is taking us out to the woodshed where we belong.”
If you’re interested in payday loans, the new legislation recently introduced and a funny yet very sad read, mosey on over to Larry’s Blog. He has plenty of excellent insight in to many facets of the payday loan industry.
Payday lenders have become the scapegoat for many societal ills, it’s absurd to blame a $300 loan for increasing bankruptcies. It doesn’t make sense.
For most people borrowing money is not the way they would choose to go IF they had a choice; for people with bad credit it’s a double nightmare.It can require a great deal of paperwork and turn into an embarrassing situation. Thus, consumers prefer payday loans to face small, unanticipated expenses while avoiding costly bounced-check fees and overdue payment penalties.
What happened to us being responsible for ourselves? There was a time not too long ago that we borrowed $300 from cashloancity.com and had it paid back in a month without any problems. Heck, our credit cards charged us $40 for being a day late and charged us another $40 because that put us over our limit. Why isn’t that being talked about?