“Responsible payday lenders have helped millions of Kansan familes”

Tom Linafelt of QC Holdings was obviously annoyed with an uninformed editorial in the Kansan newspaper.   Here’s his letter to the editor, which goes on to make the key points that:

The vast majority of Kansan use payday loans responsibly, and;
Banning payday loans will force customers into more costly options. 

Who’s watching your bounced checks?

According to Bankrate.com, the answer is ChexSystems, a company which holds your bounced check information for five years, providing data to other banks and lenders who asses whether you’re potentially a ”valued customer or a liability.”  Eighty percent of financial instituations use this service.
Of course, avoiding bounced checks is the number one reason consumers take out payday loans.
 
 

26,000 constituent letters delivered to OH legislators

More than 26,000 letters from payday lending customers and employees have been delivered to state legislators in Ohio.  The customers who’ve actually used the service should be a vital part of the payday lending debate.
From a resident of Columbus, OH:
Asthtabula County doesn’t have a lot of good jobs for people. You do run short paycheck to [...]

Payday lending customers in Arizona speak out

Arizonans for Financial Reform has posted a video testimonial of customers who have actually used a payday loan. Customers explain why they used the service and why it is important for them to have the option. They clearly do not want the government taking their options away.
Go to http://www.affr2008.org/ and click on “testimonials” to view.

Payday lending vote in KC today

Kansas City’s referendum to tax payday lending stores $1000 will be voted on today.   The Payday Pundit urges its Kansas City readers to vote NO.  

QC Holdings Runs Full-Page Ad in Kansas City Star

A full page ad sponsored by CFSA member-company QC Holdings discusses the myth versus facts of payday lending.

The bottom line: Responsible payday lenders have helped millions of Missouri families make ends meet when facing unexpected expenses such as auto repairs, medical expenses or unusually exorbitant bills.
Update: QC’s Tom Linafelt had a LTE published in the Kansas [...]

Just because you don’t agree doesn’t make it phony

Rep. John Patrick Burnett, a Democrat representing a district in Kansas City, MO calls the Payday Pundit a “phony blog.”  Representative Burnett, just because you don’t agree with something doesn’t make it phony.
There is nothing phony about the hundreds of people employed by payday lenders in Missouri.  Or the tens of thousands of hard-working Missourians who appreciate access to cash between [...]

Payday Loans a “Godsend”

In the comments section below a pro-payday loan piece in the Sandusky Register (requires a subscription to read full article) one reader had this to say:
Scott wrote on Apr 6, 2008 11:48 PM:
” I know firsthand what a Godsend these places can be in an emergency. Yes, I had to pay a fee [...]

“Rich in love, not in money.”

That’s how Wade Rousse, economic outreach specialist at the Federal Reserve Bank of Chicago, descibes his upbringing.  In this compelling article, he says Financial Literacy changed his life.   Now he promotes the Fed’s “MoneySmart’ program.   MoneySmart is also one of the programs promoted through the Community Financial Services Association’s own Financial Literacy efforts.

Consumer Debt Deliquencies Up, Says Bankers Group

The Payday Pundit wonders why an American Bankers Association survey that says fourth quarter consumer deliquencies are up isn’t getting more media coverage.  Specifically:
Home equity loan delinquencies increased to 2.39 percent from 2.28 percent.
Property improvement loan delinquencies increased to 1.81 percent from 1.60 percent.
Indirect auto loan delinquencies increased to 3.13 percent from 2.86 percent.
Direct auto loan delinquencies increased to 1.90 percent [...]