In Support of Quick Payday Loans: Letter to the Editor
By J.J. CameronPayday Loan Writer
As most newspapers do, The Dayton Daily News often runs letters to its editor. A recent one was sent in by Tom Linafelt, director of corporate communications, for QC Holdings. He spoke out inb favor of honest payday loan establishments.
It's paraphrased below.
Payday advance can be best option: As an industry leader, we hold ourselves to a high standard and condemn the abusive practices of any business that mistreats or takes advantages of its customers, especially the men and women who defend our country [via military payday loans].
We believe that military customers, like all our customers, deserve strong consumer protections should they choose to use a payday advance. We have developed and implemented special protections for our military customers.
These would include the best practices established by the Community Financial Services Association, such as:
- Prohibiting the garnishment of military wages or salaries
- Prohibiting the contacting of the military chain of command to collect payment
- Deferring collection activity for a military customer deployed to combat
- Undertaking efforts to improve the financial literacy of military members.
The reality is that a regular or online payday advance can be the best option for consumers, military or civilian, who have a short-term financial need. By extending credit options that otherwise would not be available, the cash loan industry is actually helping its customers.
Moreover, a no fax payday loan compares favorably to many alternatives, when expressed as an annual percentage rate, or APR, for two-week terms: A $100 payday advance with $15 fee equals 391 percent APR; $100 bounced check with $48 insufficient funds/merchant fees equals 1,251 percent APR.
We will continue to raise industry standards and encourage responsible regulation that protects consumers and their access to credit. We believe working adults, including those in the military, are best served when given a variety of options and trusted to make financial decisions based on what's best for them and their families.
