Wednesday, July 13, 2005

Another Payday Loan Viewpoint

By John Mitsuda
Payday Loan Writer

Augusta, Georgia — Jerry Ayles, affiliated with Trihouse Payday Loans, offers his biased view on payday loans. The following views are that of Jerry Ayles, not the Payday Loan Times:

“One cannot deny the demand for the payday-loan product. Currently, it is estimated the payday-loan industry is $12-$14 billion dollars. Stephens Research estimates it will be a $50-$60 billion dollar industry in five years.”

“Why? Because the consumer wants and needs the product. Although you may not relate to this scenario, there are millions of people who need a quick and easy $300 on Tuesday to fix the car in order to get to work through Friday. And there are a multitude of other, legitimate reasons for these small, unsecured loans. When I worked behind the counter of my first store, I cannot tell you how many hundreds of times I received a phone call from a parent requesting I loan their son or daughter $300. Typically they asked me to make the loan because they knew, based on past experience, their family member would never pay them back.”

“The reality is, the folks making use of our product are well aware of the costs. We do not hide the fact that a $300 payday advance for two weeks will typically cost you $45. We use a multitude of disclosure forms with very large print and requirements for their initials to acknowledge their understanding of the terms. All they have to do is fix their car and pay us back.”

“Of course, like the credit-card industry, the banking industry, the financial industry and more, we do have some unscrupulous operators. With time, they will fail. Those of us who treat our customers with dignity and respect will prevail. And demand for our product by the consumer will continue to grow dramatically.”

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