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Re "Predatory Lenders" (editorial, April 29):
I take issue with your representation of those who choose to use short-term, small-dollar credit and the regulatory environment for payday loans.
First, you don't consider the totality of the short-term credit marketplace and the many available options that consumers consider and choose not to use. Our customers do the math, analyze their available options, and choose what's less expensive, and that, in many cases, is a payday loan.
Thirty-four states recognize a need for these loans and the important role that regulated, licensed lenders play in credit markets. Consumers in states without adequate payday lending laws have turned to unlicensed offshore lenders in the absence of regulated storefronts, and these loans come at higher rates and expose consumers to the risk of fraud and identity theft.
The clear evidence of demand underscores why regulated lenders, including banks, should be able to offer these sought-after products.
DENNIS SHAUL
Chief Executive, Community Financial
Services Association of America
Alexandria, Va., April 30, 2013
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Letter: Need for Payday Loans
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Letter: Need for Payday Loans
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1 komentar:
I like this article. However, I always recommend my clients to take time read all the documents for their terms and conditions to avoid any future conflicts.
Regards,
William Martin
Financial Claims Made Simple
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