“In five years, they paid about $10,000 in interest on about $2,700 in loans.”
Now, it’s stories, like this, that catalyze the push to regulate payday loans. The CFSA’s best practices tells their members to limit rollovers to 4. This would make it 5 loans total. So how did this person get to $10k in five years? This is what the industry has to explain to the Missouri legislature. Someone should open up an internal investigation and respond to this.
If this person is the one percentile, then people should know that.
Payday Pundit makes a good point in his article titled ‘They Obscure the Facts.” It’s worthing reading his source article which is an op-ed piece titled “The debt trap of payday loans“. Where is this person getting their information?
You can read the full Missouri article titled “Payday loan cycle targeted by governor, Democrats.“
