Sen. Dodd taking heat over support of payday loan industry

The Huffington Post is giving Senator Dodd for allowing the OLA (Online Lenders Alliance) for sponsoring a dinner. Now, did they actually sponsor the dinner? No. Why not?

The OLA are voters just like anyone else. Why can’t they get their story heard? This is just another chapter in the negative payday loan image saga.

I think people need to be completely upfront about payday loans. People talk out of both sides of their mouths. They think payday loans are bad, but these borrower’s friends and family do not want to lend them $500. The landlords, utility companies and car mechanics of the world secretly love payday loans.

Unfortunatly, many larger payday lenders have to get tough with collections b/c their getting screwed by class action attorneys and fighting laws that will put them out of business. Who pays for that? The borrower.

You can read the full article here: Dodd Dinner with Online Payday Lenders Transforms into Fundraiser.

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