Cash Back Payday Loan

The Community Financial Services Association of America is a trade organization representing the interests of the payday lending industry.

Payday loans

Payday loans are short-term loans, marketed as one-time or emergency loans, that typically involve extremely high interest rates. According to the Center for Responsible Lending: “For a two-week payday advance, a borrower will pay at least fifteen dollars for every $100 borrowed. But with such a short duration these loan fees are equal to roughly a 400% annual percentage rate (APR). According to the Consumer Federation of America, a typical interest rate facing a borrower is 650%. To receive a payday loan, a borrower typically needs only personal identification, a checking account and some source of income. Payday lenders use post-dated checks or checking account data as collateral for loans.

Controversy

The payday lending industry, primarily represented by the CFSA, has been the source of ongoing controversy due to its aggressive lobbying tactics and defense of industry practices that New York Times chief financial correspondent Floyd Norris bluntly calls predatory lending.

”Financial quicksand”

A central criticism of the CFSA has been that payday loans are designed to keep borrowers in debt. While payday loans are marketed as “one time” or “emergency loans,” the Center for Responsible Lending has found that “borrowers who receive five or more loans a year account for 90 percent of the lenders’ business,” and “lenders…collect 90 percent of their revenue from borrowers who cannot pay off their loans when due, rather than from one-time users dealing with short-term financial emergencies.” The U.S. PIRG has documented how payday loans create a “debt cycle” through high cost rollovers, additional fees, and debt collection. Payday lending practices have fueled calls for increased governmental regulation, and several states have taken legislative action to cap interest rates or outlaw payday lending altogether. The CFSA states that it is open to working with state regulators and disputes the negative impact of its lending practices.

Payday loans and soldiers

The CFSA has come under attack following a Department of Defense report arguing that the prominence of payday lending among U.S. servicemen and women is compromising U.S. military readiness and troop morale, and that payday lenders specifically target U.S. military personnel. The CFSA disputes the Department of Defense findings, arguing it was based only on the research of payday lending opponents. As a response to these and other charges, the CFSA has initiated a US$10 million education and advertising campaign it claims will help inform borrowers and improve the lending practices of its members. The CFSA has also recently hired Eric Dezenhall, a “damage control” public relations specialist, who has previously represented Exxon and other major corporations in crisis, to improve its reputation.

See also

• Predatory lending

References

1. ^ CFSA :: The Community Financial Services Association of America :: Leading the payday advance industry in promoting consumer protections
2. ^ Payday Lending Basics - Center for Responsible Lending
3. ^ Consumers Warned of Online Payday Loan Sites
4. ^ Information, Savings, and Advice on Payday Loans
5. ^ In Defense of Predatory Lending? - Floyd Norris - Business - New York Times Blog
6. ^ Marketplace: Trapped in financial quicksand
7. ^ Facing South: Payday lending = financial quicksand
8. ^ Financial Quicksand: Payday lending sinks borrowers in debt... - Center for Responsible Lending
9. ^ Predatory Lending In Lane County: A Survey Of Payday Lending In Eugene And Springfield - U.S. PIRG
10. ^ North Carolina Declares Victory In War On Payday Lending
11. ^ Cashback Payday Loans Banned In New York
12. ^ CFSA :: The Community Financial Services Association of America :: Leading the payday advance industry in promoting consumer protections
13. ^ The New York Times > Business > Seeking Quick Loans, Soldiers Race Into High-Interest Traps
14. ^ San Diego Source > Commentary > Columnists
15. ^ Predatory Lending And The Military:

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