"Payday Lending does not set people up for financial failure"
FACT: There is no benefit to a Payday Lender if customers are unable to meet their financial obligations. Payday lenders do not want to see their customers fail. Sound financial underwriting practices require lenders to make sensible decisions regarding the customer's ability to repay the loan. It doesn't make sense to lend money to people who can't repay their loans. Lenders require all customers to be employed or have a steady source of income, have open and active checking accounts, and telephone numbers where they can be contacted. Lenders also set limits on the amount the customer can borrow commensurate with the customer's ability to repay in a timely manner. The consumer and the lender are best served when the lender ensures that the customer can repay the loan. If customers could not fulfill the terms of their loan agreements we would be out of business.
"Payday Loans do not target the poor; the uneducated; minorities, and those who don't have other means of obtaining credit"
FACT: Independent studies from Georgetown University, Io Data, & the Cyprus Research Group show that the average customer makes over $41,000 annually, has some college education, and is not a minority. Eighty-five percent of customers have access to others forms of credit. Despite so-called consumer advocate claims, our customers are intelligent and educated about their credit choices.