Today I was going through my payday news alerts from Google when two things caught my attention. The first was the website below which at first glance seemed quite good until I was trying to get some text to go with the addition to the association section of the site. To my surprise the entire home page was one big image. So here is an oraganization looking to promote itself on the web and they have put a cloak of invisibility on the site.
What do I mean well... no search engines can index that, anyone looking to lift a quote for the same purposes as I likely used the original source like I did below. So here
BorrowSmart :The Council for Fair Lending launched the first Borrow Smart campaign in Alabama in 2007 (see story). The Alabama campaign included statewide television and radio commercials. The Council for Fair Lending was established in May of 2007 to enforce "accountability within the industry as well as a need to better educate Alabama residents and members of the media about the important services short term lenders provide to their customers."
Is the WSJ on Crack?
Payday loans ensnare customers in a cycle of debt that on average results in a borrower paying $800 in interest and principal for a $300 loan. ...
Does it happen I went through several months of data and yes... it happens occasionally but... that isnt... on average in fact it's actually the exception rather than the rule!
If that isn't the most moronic and totally biased piece of BS that I've read in the years of clipping this stuff I'll eat my morning constitutional. That is lame beyond just poor journalism. I seriously believe they are on crack over there! So what they are basically trying to get people to swallow is that on average people pay $800 interest on a $300 loan which is basically rolling a loan over every two weeks for about 3 months. Not to mention that in almost every state that would be an illegal apr! Yet they claim this is "on average"? Moronic... hey don't bogart the pipe boys!