Saturday, July 22, 2006

In Defense of Payday Loans

By J.J. Cameron
Payday Loan Writer

Some letters to The Bend Bulletin are scathing in their attacks on payday loans. Others, however, such as the following from Howard Katz, defend such cash advances.

Here are some facts:

  • In Oregon in 2004, more than 720,000 cash loans were issued, and there were five complaints.
  • The average payday loan is $250, with a fee of $30 for a two-week period.
  • Most fast payday loans are NOT rolled over more than once. If the borrower can't pay, the lender will usually accommodate the borrower in any fashion convenient for the borrower and usually without additional interest.

Payday advance lenders are in business for the same reason as this publication, yet there are no editorials calling for legislation reining in the cost of advertising space. There simply is no difference between buying and selling shirts, food, cars or payday loans.

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