Payday loans used wisely, survey says
Take a look at a real, live predator.
A study from George Washington University shows that most payday cash advance loans borrowers “use the credit intelligently.”
In fact, only a tiny fraction of payday loan users said they had trouble getting out of debt because of payday cash advance loans.
A stark contrast
Opponents of payday loans like to throw around the word “predatory” when talking about payday loans. However, people who actually use payday loans don’t seem to feel preyed upon.
“Only about 3 percent of payday loan customers mentioned difficulty of getting out of debt as a reason for being dissatisfied or only partially satisfied with their most recent new payday loan,” the survey says.
Many legislators out there, probably a lot more than 3 percent, are clamoring for “protecting the consumer” and regulating payday loans. Seems to me they are trying to fix something that isn’t broken.
Speaking out in Kansas
One disgruntled consumer wrote a letter to the editor of a Kansas newspaper, saying that payday loans help households, not hurt them. ... click here to read the rest of the article titled "Payday Cash Advance Loans Get Good Ratings"
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