Here is a great response to a recently released study by the Center for Responsible Lending.
The Center for Irresponsible Payday Loan Studies
by Lawrence Meyers
They’re at it again. The Center for Responsible Lending, the corrupt “charity” that consistently and fraudulently attempts to ban payday loans to fill their own coffers with competing products, has released the results of another “Study”. This time, in an attempt to remove consumer choice from Ohio and Arizona, they trot out a study from the University of Michigan. Out of one side of their mouth, they proclaim, “The survey by University of Michigan law professor Michael S. Barr found that respondents using payday loans were more likely to file for bankruptcy, be evicted, or face utility shut-offs than respondents who had not taken a payday loan.” Ah, but just a few lines down, they bury the lead: “While the Michigan survey does not establish a causal relationship…”! Well, this is typical of the CRL’s thuggish tactics.
They parade around ridiculous studies that have flawed data collection techniques, draw false conclusions from this flawed data, then try to snooker unsuspecting readers that this smoke-and-mirrors job supports their assertion. Just to reiterate, the CRL has its own loan product. They want to drive payday lenders out of business so they can have a monopoly. They are entirely funded by government grants and George Soros – the man who wants to raise taxes on everyone but himself, while he secrets his wealth off-shore.
The facts are, and always have been, on the side of payday lenders. They are sources of short-term credit that 93% of consumers use responsibly. If they could get a free loan from a friend or relative, they would. They are smart enough not to bounce checks, which cost more than a payday loan. Don’t buy the rotten fruit that the CRL is trying to pass off as freshly harvested. It’s rotten to the core, just like they are.