Comments on: Short-Term Loans Can Mean Lasting Trouble

Payday Advance Loans Seem Simple, But Can Lead To Endless Cycle Of Debt

[tinap6]

having worked for a payday loan company for several years, I know that without our companys help my customers would be more financialy in trouble. our fees are less then most banks charge for a return check fee. my customers thank me daily for helping
them get out of a bind.. it is the customers decision

[michaelm82]

Well it seems that once again the news media shows that true journalisum is dead and gone. What is with only showing one side of the stories, oh well. I work for payday loan store. We have people from all walks of life that come in and use our service. We have bank managers that come in and take loans due to the fact that they are cheeper than the overdraft fees and nfs fees. We dont hook people we are upfront with apr and every thing else. Please next time get your facts straight

[amdeb]

I am getting so tired of the government trying to make all of my decisions for me...if I make a stupid mistake ...I learn from it ....like the people that are losing their homes..they made stupid mistakes and now our money is there to bail them out.Meanwhile I continue to work hard and having learned..I grow and improve. The payday lending business would not be making millions if people did not need them.If a few people over extend themselves and borrow too much...it is their fault.Quit trying to run everyones lives.What about all the employed people that work for these compnays??? Shut em down and we have 1000''s
more unemployed.Are you nuts? Let adults make their own decisions..it''s not kids that they are loaning to and not everyone ,as you say, is poor !!!!!!!! I am middle class and run into the same problems that the "poor" run into. Leave it alone.

[reteca]

This is why I have not watch CBS for years. Good thing I can still exercise my freedom not to watch them. I am sure if they had their way that would not be the case. Let the free market alone you bunch of leftist cowards. By the way I had rather watch FAIR AND BALANCED...maybe CBS could take a page from their playbook. It might help their sick rating. Come on guys at the very least report both sides but that would take a miracle that will not happen. CBS...Communist Broadcasting Service, YOU are being monitored!!!!!!!!!!!!!!!!!

[reteca]

This is why I have not watch CBS for years. Good thing I can still exercise my freedom not to watch them. I am sure if they had their way that would not be the case. Let the free market alone you bunch of leftist cowards. By the way I had rather watch FAIR AND BALANCED...maybe CBS could take a page from their playbook. It might help their sick rating. Come on guys at the very least report both sides but that would take a miracle that will not happen. CBS...Communist Broadcasting Service, YOU are being monitored!!!!!!!!!!!!!!!!!

[jostwocents]

First: Yes, the interest rate can be a little overwhelming for lower income families. I''ve been there and done that enough. They offer all information up front, explain the contracts, explain the interest, go over various repayment options, and even encourage a complete payoff on the first due date. If you utilize other options afforded to you then you can''t exactly turn around and complain about how ''unfair'' your situation is. YOU are the one who signed the contract, YOU are the one who decided to only make the interest payment and nothing on principal, and YOU are the one continuing the cycle with every minimum payment you make.
Secondly: Whatever happened to fair and unbiased reporting in America? Is this not the country where both sides of the story are told and THEN dissected? I don''t see any information from any industry leaders that may even slightly support them. It''s all negative aspects. Where are the stories about the people who were responsible, budgeted their expenses, and completed their obligations with no problems? Why center on people who budgeting issues? If you do get the industry shut down, what happens to people like me who can''t just walk into a bank and get a loan for the funds we need? What do we do then? So long as they are reminding customers of their obligations under those contracts then NO ONE can complain when they sign them.

[jujubeans3]

How about targeting credit card companies? There interest is higher than most payday loan companies! If you overdraft onto a credit card the interest is sometimes 26% or higher!! Everyone tries to blame everyone else for their money problems! Start pointing the finger at yourself! Put yourself on a budget. But don''t try to shut down our industry for your lack of knowledge on budgeting. We help people in need and this is how we get repaid? By bashing our services?! We didn''t start bashing the clients who came in for our help talking about all their faults. Stop blaming the payday loan industry. As I see it, people are money hungry. They see what they are qualified for and borrow the whole thing not thinking at the time how they will budget to pay it back. Then they blame us that we are the reason they cant pay it back. Why else are millions of dollars spent on commercials to say "only borrow what you can pay back" Take the advice.

[radman881]

CBS, you are eager to publish a story with negative results for an industry you show little knowledge of, why not do the same with another person who was helped by this industry. I''m sure it shouldn''t be difficult to get volunteers.

[alicesmith04]

I work for a payday lending company, so this story bothers me. We provide our customers a great service,and we are not bad people out to stick our customers in some vicious cycle. Yes, we do charge fees. But it''s disclosed right in plain view on a large poster in our lobby. We also go over all of the facts with our customers before they sign their contracts. I do feel sorry for anyone having financial problems, but I think that it''s great we can be there to help. We really like the customers we have, and it would be heart-breaking if they were suddenly were not able to get our help because our industry was shut down.

[mandylou4u]

You know why they don''t want us to talk to the media? Because the media messes up on alot of info. We don''t want everything we say all twisted up. So when the news people come around, we don''t talk to them because they will make their own story, just like they did with this one. I have asked for other help from my bank, my gov. offices, and many other places. Sometimes the payday loan is the only option. Take out a pay advance on your credit card and see how much it costs you for one time. And like most everyone else on here says, it''s cheaper than paying your bank overdraft fees. You can need 2 pennies to make something pay at your bank and the bank will charge you 37.50 for 2 pennies! The fifteen dollars for a 100 dollar loan is alot cheaper.