Often Overlooked: Consumers Need Access to Payday Loans, Short-Term Credit
By J.J. CameronPayday Loan Writer
Not so fast.
That pretty much sums up the stance of Vicki Woodward, the Senior Vice President of Community Financial Services Association of America (CFSA). She responded to the September 8 editorial in The Hattiesburg American ("Legislature Should Look at Payday Industry") with the following, paraphrased letter:
The [article] failed to mention one key fact - customers want and need access to short-term credit. Thousands of hard-working Mississippians use online cash loans responsibly, and are thankful to have somewhere to turn when they need quick access to credit.
Payday advance customer satisfaction levels are in excess of 80 percent and state regulators confirm that there are very few customer complaints. The reality is customers recognize bad credit payday loans can sometimes be their best option - given the alternatives of credit card interest and late fees, "courtesy" overdraft protection/bounced-check fees or small loans that put personal collateral at risk.
Critics of the payday cash advance industry claim to be representing the best interest of the consumer, yet they want to limit the already small number of short-term credit options available without providing realistic alternatives.
All consumers deserve strong protections and we will continue to encourage state policymakers to provide responsible regulation that protects consumers and their access to credit. We believe the people of Mississippi are best served when given a variety of options and trusted to make financial decisions based on what's best for them and their families.
In the end, this is one individal that believes a faxless payday loan should at least be one of those options.
