Payday Lenders Assail Online Competitors

American Banker (March 4, 2013) “So the notion that people are flocking to the Internet,” says Sarah Ludwig, co-director of the Neighborhood Economic Development Advocacy Project in New York City, where payday loans are banned, “because they can’t find a loan at their storefront payday lender is complete nonsense.”… The Pew research also suggests that bans on payday lending may be advantageous to those banks and credit unions that are interested in offering small-dollar, short-term consumer loans at lower interest rates. The report found that 44% of storefront payday borrowers say they would turn to a bank or credit union if payday loans were unavailable…

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