Presentation on theme: "Responsible Consumer Loans www.ResponsibleConsumerLoans.org."— Presentation transcript:
Responsible Consumer Loans
A growing public need exists in an uncertain financial climate. High interest, predatory payday loan companies are springing up all over America to fill the void. High interest, predatory payday loan companies are springing up all over America to fill the void.
There is an admitted need and demand to compete with loan sharks, the predatory The FDIC announced that the situation is desperate. lenders like payday.
There is an answer already in existence to deal with this very problem. For almost 100 years, the small dollar installment loan industry has existed to help fight loan sharks.
The small dollar installment loan industry exists today as it did since its inception— providing safe, responsible and disciplined loans—every day of the week, in every town in the country.
Our small dollar installment loan industry was created to fight usury and loan sharking in the U.S., during another period of financial peril and uncertainty.
Why not support our fully regulated installment loan industry, and help them to provide the smallest dollar loans that so many people need and want? It’s an important question we must ask ourselves.
Let’s allow the consumer loan industry to charge fair rates to earn a profit, and therefore regain their historical place in the small loan market. Banks can’t do it. They’re the first to admit it. And banks won’t do it—without being enticed to participate with loans subsidized by everybody else’s money.
Unless there’s a good reason for the FDIC to support the banks to start a money losing venture, we should turn our attention away from government/taxpayer subsidized bank loans—and support the solution at hand.