FTPLS Welcomes New Members

The FTPLS welcomes 14 new members this past month, raising our total to 39.

Fairness to Payday Lenders Society Condemns Wisconsin Bill

FTPLS Attacks Rep. Hintz's Bill as a "Job Killer"

FOR IMMEDIATE RELEASE

PRLog (Press Release) – Aug 28, 2009 – The Fairness to Payday Lenders Society condemned the bill being sponsored by Rep. Gordon Hintz (D- Oshkosh) to set a 36% APR rate cap on all payday loans in the state of Wisconsin. Citing an inability to continue doing business in the face of a 95% revenue cut, FTPLS spokesman Jackson Strain called on Hintz to drop the bill.

“By unfairly targeting payday lenders, who provide a valued and needed service to the citizen of Wisconsin, Gordon Hintz is unwittingly playing into the hands of banks and credit unions charging outrageous NSF and overdraft fees,” Strain said. “His bill excludes these institutions from the rate cap, therefore eliminating a cheaper and more popular form of short-term credit from consumers”.

Payday loans are used responsibly by millions of Americans, providing them with a credit option at a price that has repeatedly been proven to be fair and acceptable to the consumer. 94% of all loans are paid off on time, in stark contrast to sensationalist media reports that focus on irresponsible consumers and lenders who do not represent either the average consumer or the industry.

Strain concluded, “A prominent and widely-read blogger has called Hintz a ‘Job Killer’ and we agree with that assessment. His bill will throw thousands out of work while simultaneously restricting credit in an unprecedented period of high unemployment and credit shock. The FTPLS condemns Rep. Hintz’s self-aggrandizing, short-sighted, and anti-business legislation.”

Welcome!

Welcome to the home of the Fairness to Payday Lenders Society!

We are comprised of 46 independent owner-operators of payday loans stores scattered throughout the United States.

We provide a useful service to those in need of short-term credit.

We oppose attempts by payday lending opponents to rip choice away from consumers via government paternalism, and by the Center for Responsible Lending and its affiliates from trying to ban us.

The CRL is a Credit Union. It wants to ban payday lenders in an effort to get customers to sign up with its service. Of course, the Self-Help Credit Union is only interested in bilking these customers for overdraft and NSF fees -- which is how they make almost all their money.

Stay tuned for more press releases!

Jackson Strain

Spokesman