It’s Just a Matter of Perspective
I came across a rather amusing article today at the Minnesota Independent.
The OCC doesn’t have a problem with national banks offering this type of loan, spokesman Dean DeBuck said. “It’s not a payday loan. It’s available through banks and bank branches. It’s something you don’t get at a storefront,” DeBuck said. “This is a product that is offered to customers and they don’t have to use it. If it works for them, fine. If it’s not suitable for them, they can find something else. “
Wow! So the definition of Payday Lending has mainly to do with WHERE we are located, as opposed to the products we offer.
I don’t see the difference myself, but it looks like if we can rent out a space within a bank lobby, as opposed to a “store-front”, making payday loans are completely acceptable!
Way to misrepresent the entire article, Gabe: it’s critical of these loans, calling out mainstream banks like Wells Fargo and US Bank for “sidestepping” government regulations meant to protect consumers. What’s amusing is how those who stand to gain from such lending will bend over backwards to make themselves feel ok about doing this. The article itself was more frightening than amusing.k
I really like your blog and i respect your work. I’ll be a frequent visitor.
Well Felix, I appreciate your “opinion”, although I feel that you may have missed the point entirely.
I was not intending (quite obviously) to represent the article at all, I was merely citing it as a reference to the quote provided.
I was merely responding to the quote, which I agree does not represent the full intent of the article.
I am a frequent reader of http://www.paydaypundit.org which primarily uses this style of writing.
I hope that clears up the intent of this small article for you.
And to respond to your comment, those of us in the Payday Loan Industry who maintain “profits” feel more than ok about doing “this”. I assume by “this” you mean, providing high-risk customers with bad credit and no other options, an option for short-term credit when NO ONE else will! Yeah, we feel pretty good about that. Especially when someone can take out $100 for 2 weeks for $15 to avoid $100 worth of overdraft charges. Feels GREAT!