Center For Responsible Lending Irresponsibly Taints Journalism

Jumping off that same cliff

... is not important to the CRL. Is certainly should be to you!

Jay Miller of Crain’s Cleveland Business reports that given the choice, he’d rather be a lemming.

Jump off the cliff like everyone else and buy the Center For Responsible Lending’s (CRL) propaganda, Jay. Or, you might actually take the few seconds necessary to think about cash advance loans and how they really work. I trust you’ll see that when it comes to predatory organizations, you’re barking up the wrong tree.

Legislation that was supposed to “curb high interest-rate payday lending” hasn’t worked, according to Cleveland’s Housing Research and Advocacy Center. Apparently, they found that while the number of lenders decreased after recent legislation, those remaining have found ways to apply their services under different laws.

It is Mr. Miller’s contention that this is in some way illegal. Furthermore, he decries interest rates on the new personal loan products offered in Ohio. Surprising no one, he quotes the theoretical maximum that applies to almost nobody. Once again, these are typically two-week loans. You pay $15-$25 per $100 loaned; you pay up to 25 percent interest, NOT 680 percent annually. There is not “annually” here; it does not apply. Lenders in Ohio are currently charging $26.10 per $100 loaned, so over the two-week term of the loan, that’s a total of 26.1 percent paid. This isn’t difficult math, but the CRL isn’t a “thinking” kind of organization. ... click here to read the rest of the article titled "Center For Responsible Lending Irresponsibly Taints Journalism"