Leadpile’s Blog

I came across this article about nursing homes providing payday loans to it’s employees and it intrigues me because this just goes to show you that there really are a lot of people that need extra short term cash. Nursing homes offering their employees short term loans might not be the answer to helping those that need help, but the point is that there are people everywhere (working and not) that are looking for some short term help. Regulating nationwide payday lenders to the point that causes places like nursing homes to provide loans really the answer? OR coming up with a solution to help those that need short term cash the answer? There has to be a middle ground where getting short term loans should be easier than having to necessarily go to your employer …right? Nursing homes are for taking care of our elderly AND payday lenders are for taking care of those in need of getting some quick cash. The payday lenders should not be taking care of the elderly and the nursing homes I do not believe should be lending money.

Everything too good to be true.. probably is.  Now all those that were looking to jump in on the online lead generation business, might have someone up above to face.  According to internetnews.com, “A top U.S. lawmaker in the U.S. House of Representatives on Wednesday said he is working to develop a bill to impose mandatory guidelines on Internet companies to protect user privacy, because the current voluntary approach is falling short. ” Privacy advocates are worried that online activity is potentially jeopardizing consumers private information, and there are no regulations to govern it.
Leadpile Lead Exchange believes in only doing the right thing and not jeopardizing consumers information in ANY way. There are a lot of people out there trying to make a quick buck on hot topics in the news, and unfortunately consumers are not always as guarded with their personal information as they should be. Lawmakers stepping in on this industry could lead to some of those not being able to take advantage of consumers, however them stepping in could also create a lot more “red tape” for those doing the right thing. Thoughts?

In recent news, another state has implemented regulations regarding payday lending locations. An ordinance was passed in Springfield City, IL requiring a minimum distance between payday loan stores.  It appears some legislators are also looking to try and get some regulations implemented about the maximum interst rate allowed on the loans.  This is something that is already in place in several states around the US.  Leadpile Lead Exchange will keep an eye on this, because we are working a lot with the payday loan industry and always want to keep updated on any new news going on.

The payday loan industry is getting a lot of attention, especially in the states of Ohio and Arizona. Those on the outside possibly do not fully understand the payday loan industry and there are some misconceptions about the short term loans.

Myth: Payday loan lenders do not want to be regulated.
FACT: According to CFSA, this is quit the contrary. Most payday lenders do want to be regulated and have certain industry guidelines. However, there are those that are trying to eliminate the industry as a whole, and not deal with keeping the “good guys” in business.
Currently, there are 37 states + the District of Columbia that have payday regulations. CFSA is working on trying to get regulations implemented on the remaining states, however they are not wanting to see the industry go extinct. Therefore, the question is… why is the payday loan industry going through such tough scrutiny, when in comparison with credit cards and other financial services there are similar costs/fees associated with them?
Leadpile Lead Exchange understands there are a lot of myths about payday loans, however the key is for those that are not fully educated on the industry, to read up to fully understand all aspects of this financial product compared to others. There is good to these types of loans, and they are sometimes very much needed.

I wanted to see if I could find some true results of what some Americans want with regards to the payday loan industry. So much negative publicity gets published on this industry, however there really is a need for these short term loans for many people.
According to a previous poll done by zogby.com, less than 1% of all those polled, thought that lawmakers should focus on the personal loan industry. A majority support the individual’s right to choose their financing options, and want that freedom of choice in payday loans.
Zogby results showed that a majority (84%) of Ohio state’s consumers were in favor of making their own credit decisions without government interference. Additionally, most wanted the federal or state governments to allow adults to get a payday loan, if that is something they choose to do.
Another part of this particular survey stated 72% of the consumers mentioned that traditional financial institutions like banks and credit unions didn’t offer short-term personal loans. Many consumers see payday loans as something convenient, and fast to get some needed cash between paydays. These payday loans are popular with loan borrowers for the main reason of convenience and quick access to cash without any credit checks.
Paydays loans are a necessity for so many people today. Is this something that should be controlled by legislation? I agree there should be some regulation so consumers are not taken advantage of, however 100% eliminating loans, that no other banks or lenders can provide, is not necessarily the best option for the consumers needing them. Where else can Americans get a short term loan not secured by collateral? Getting quick, fast money is very hard to find without having your credit pulled.
Leadpile Lead Exchange embraces payday leads because there is some belief that this is something that is needed by the consumers. We bring together those that can generate the leads of consumers that are looking for these short term loans, with the lenders that can provide this to them.