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supports our military at home and abroad! We understand that our soldiers
and veterans have special payday loan needs and we are pleased to
accommodate them. We take care to be sure that our lenders give our military
the respect and service they deserve. One of the complaints often heard
about the Payday Loan Industry is its targeting of veterans and soldiers in
advertising and locations. This is sort of like condemning Ford or GM for
advertising at NASCAR and other auto racing events. It's just marketing 101!
Every industry targets an audience and chooses locations based on
demographics. Would a Payday Loan store in Grosse Pointe, Michigan get much
business? Of course not it's one of the wealthiest neighborhoods in the
country. Would you locate a clothing store next to a large nudist colony?
Of course not! You locate where there is a need and interest in your
product.
The legislators and "journalists" who regularly slag the industry for
providing a needed service might want to look at why the military is
considered a prime target audience for the Payday Loan Industry. It's no
secret that compared to the public sector the wages paid comparable military
personnel are significantly lower.
Perhaps, Mr. Legislator, if the military were paid more they wouldn't be
needing cash advances and payday loans to meet unexpected emergencies. What
really irks PLI's staff and sponsors is the use of words like "predatory" to
describe normal marketing practices. Sure, there are bad payday loan
lenders, there is no disputing that, some could be called predatory, but,
they're not the whole industry! There are many responsible payday loan
lenders who understand that predatory tactics increase risk of default.
Personally, as a marketer, I also know that females are more likely to
need this type of loan than males. One reason is they are less likely to
frequent pawn shops or payday loan stores. Also, they are less likely to
borrow from friends or family. Is it predatory to market to this consumer
group? No, it's just good business to provide a service when and where it is
needed.
The last point we'd like to make is that there are 1000's of payday loans
processed daily! Why is it that you only hear a handful of stories about
abusive lending practices? What we'd really like to see is some real
journalism where the sensationalism of finger pointing (not necessarily a
bad thing) is mixed with the fact that payday loans are a needed and
valuable service!
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Why not also mention the loans that are real
emergencies like the family that is able to buy medicine for a sick child
today, rather than a week from now on payday! I guess it sells more papers
if you sensationalize and paint a picture that is far from the actual facts.
The one fact that is not mentioned is how those who are supposedly prey
for these predatory payday loan lenders willingly and
foolishly rollover loans, take out multiple loans with many lenders
and then cry foul for their own foolish decisions! The payday loans are just
symptomatic of the bigger problem, namely, poor financial management.
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