Payday advances Get Press from Trade Group
A trade team for payday loan providers said that measures it had adopted to defer payments and promote financial education could help its members gain market share while easing the concerns of fair-lending proponents wednesday.
Donald Gayhardt, a director regarding the Community Financial solutions Association while the president of Dollar Financial Group Inc., stated at a press seminar in Washington that the campaign would offer borrowers using the “tools they want” to “select CFSA shops throughout the alternative.”
The CFSA pledged ten dollars million to literacy that is financial to tell consumers about accountable borrowing, with ads prepared for ESPN, CNN, USA Today, as well as other major magazines and cable sites. The adverts prominently function the CFSA logo, that will be exhibited after all known user shops as well as on their sites.
Darrin Andersen, the CFSA’s president, stated in a job interview that customers “can search for our seals if they enter into our shops” and that the “best techniques” would help them “narrow their alternatives.” He stated the 164 user businesses, which control somewhat over fifty percent regarding the market, have to proceed with the recommendations, which also consist of better warnings on payday advances. Users consist of major nationwide loan providers like Dollar, money America Global Inc., and QC Holdings Inc.