My company doesn't issue borrowers a check, we make cash advances. Most companies also do not charge credit check fees because they do not check credit.We also don't charge origination fees or broker fees and force borrowers to undergo financial counseling. My company charges $15 for every $100 borrowed for two weeks. The only way to achieve the "sky-high" interest rates you mention is for someone to roll-over a loan every two weeks for an entire year. State law prohibits unlimited roll-overs and my company only allows four rollovers for a loan. We also offer an extended payment plan for no additional interest or fee if a borrower gets in over his head. Please check out businesses you criticize before issuing such blanket statements that mark all payday lenders as "shameless."
Ohio Senate must not bulldoze taut reforms for payday lenders
My company doesn't issue borrowers a check, we make cash advances.
Most companies also do not charge credit check fees because they do not check credit.We also don't charge origination fees or broker fees and force borrowers to undergo financial counseling.
My company charges $15 for every $100 borrowed for two weeks.
The only way to achieve the "sky-high" interest rates you mention is for someone to roll-over a loan every two weeks for an entire year.
State law prohibits unlimited roll-overs and my company only allows four rollovers for a loan. We also offer an extended payment plan for no additional interest or fee if a borrower gets in over his head.
Please check out businesses you criticize before issuing such blanket statements that mark all payday lenders as "shameless."
May 27, 2010 at 2:57 p.m. permalink suggest removal