Payday Loan Supporters Barred from Speaking on Behalf of Cash Advance Lenders
By J.J. CameronPayday Loan Writer
The protest against payday loan lenders in Witchita took an odd turn on Saturday. Organized by Sunflower Community Action - and meant to speed up regulations against dangerous payday loans in the state - those who came out in support of these resources were not allowed to voice their views.
Over 300 people were paid $100 by Kenneth Wayco, president of Select Management Resources (which owns LoanMax and other cash loan services), to express positive online payday loan opinions - at the meeting, however, they weren't allowed to actually express them.
After Sunflower officials told Wayco the agenda didn't allow for comments from the crowd, he left the meeting with his clients. Afterward, he said that Sunflower's action amounts to saying his consumer don't deserve credit from payday loan lenders.
"What they want to do is draw the line between people who are deserving and those that aren't," he said.
Sunflower called the meeting at Tabernacle Baptist Church to warn the public about the pitfalls of payday loans and title car loans. The docket included comments from people who have struggled to repay such payday advances. Conversely, however, Floyd Pickett was angry he didn't get to speak about how title loans helped him.
"If you don't have any money, they (banks) won't let you borrow," he said. "No one was going to help me. As long as I pay them (title loans) on time, it's all right."
Instant payday loans and title loans are a quick way to get money. Customers receive a cash loan that's repaid the following payday or is guaranteed by the value of a car. Such loans are often used by those who don't have good credit.
Rickie Coleman, president of the Northeast Chapter of Sunflower, invited Wayco's clients to stay.
"We understand you were paid to get here," she said. "For $100, I'd wear the yellow shirts, too. Anyone willing to pay this kind of money has something to hide."
State Rep. Melody McCray-Miller, D-Park City, told the crowd she is drafting legislation to limit same day payday loans to two per customer and to establish regulations for car title loans.
"When it comes to crafting legislation and I say it's up to you, it is," Miller said to the crowd. "You've got to go to Topeka and testify about how payday lending has ruined your lives. When it's time to support the bill, we'll need your help."
