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Borrowers value payday loans | Dallas Morning News

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In this Nov. 6, 2008 file photo, a customer enters a Payroll Advance location in Cincinnati (AP)

Re: “Feds look for ways to limit ‘debt traps,’” Sunday Business column by Mitchell Schnurman.

Contrary to Mr. Schnurman’s assertions, a poll released just last week by Harris Interactive and sponsored by CFSA made clear that payday loan customers are educated borrowers who actively choose payday loans among other options and fully understand the cost and terms.

For example, the poll found 95% of borrowers value having the option to take out payday loans, 93% carefully weigh the risks and benefits before taking out a loan, and 94% of customers polled said that they were able to repay their loan in the amount of time they had expected.

In developing new regulations, policymakers must balance consumer protections with access to credit. Lenders who are members of my organization already follow a strict set of Best Practices, offering important safeguards beyond those required by law in many states. We look forward to continuing our work with regulators across the country to ensure people have access to safe, reliable credit.

Dennis Shaul, CEO, Community Financial Services Association of America, Alexandria, VA

This entry was posted in All Letters, Economy/Employment by Letters to the Editor. Bookmark the permalink. […]

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