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Feedback: Payday Customers Get Clear Info I'd like to refute the argument attributed to bankers in the December 2nd article, "Birth of a New Kind of Regulator." The piece stated, "Bankers have long argued that most of the abusive financial practices are those of outfits such as check cashers and payday lenders." In reality, payday lending customers are provided with information so they can make informed financial decisions. Our member companies are required to post fees in large type on posters in all store locations to ensure that customers know, in simple terms, exactly what the fees are before they enter into any transaction. Regardless of what bankers argue, payday advance compares favorably to many consumer alternatives, even when two-week payday loan terms are expressed as annual percentage rates. For example, a $100 payday advance with a $15 fee equates to 391% APR, whereas a $100 bounced check with a $55.59 NSF/merchant fee equates to 1449% APR. Consumers have a right to know all of the fees associated with a financial product so they can choose the option that's best for their needs. D. Lynn DeVault |
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