• The payday loan industry

  Filed under Payday Loans
  Dec 16

  Something very interesting happened to me today. I was running a background check on a payday loan company. In order to sell certain products, they must meet a certain requirement. I’m not going to approve them for the product if they don’t meet the requirement. Bet you will never guess what I found.

  When I found everything was fine in the criminal and credit checks, I went to the Better Business Bureau to check this company’s score. I was shocked to see an “F” rating. I went to the explanation and found the reason was the the BBB feels the industry in which this company operates merits a low rating.

  Is the whole country getting struck with some kind of mental disease? Why the unfounded hatred of payday lenders? Don’t you think that if they were doing something illegal, or unethical or anything else that people would STOP using their services? How have these business flourished? Could it be they offer a product that no one else does? Could it be they are useful? Could it be they are not ripping people off?

  Needless to say, the BBB report has lost all validity in my mind. Anyone with half a brain and access to the internet can figure out for themselves that there is nothing evil and bad about payday loans. But it seems that lobbyists, legislators and now BBB executives can join the list of people with less than half a brain it seems.

  Tagged as: Payday Loans
  
  1 Comment

One Response to “The payday loan industry”

1. 

   Payday Loans said on December 16th, 2008 at 3:52 pm

   I couldn’t agree with you more! Payday loans really help a lot of people, especially around the holidays. I don’t understand why people have such a negative perception of them! The rates aren’t much higher than a credit card, and you can have the cash in a matter of minutes.

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