Consumer Finance Association Says Payday Lenders Are Safe ...

San Francisco, CA- The payday lending sector is under scrutiny after giving unaffordable loans to people who couldn?t pay them back, which in turn cost people a lot of money after interest rates were tacked on.

Unfortunately, the legal business of these payday lenders has become subject of questions after it was seen that a lot of people were losing money after borrowing it. The Consumer Finance Association said that these questions were unfair and that payday lenders could not be compared to ?loan sharks,? who can charge up to millions of dollars of interest and subsequently use intimidation methods if they do not receive their money.

The CFA said that payday lenders are having reputation problems, but that the public should be able to trust them because it is a reputable organization, unlike many of the illegal organizations that run similar businesses.

CFA chief executive Russell Hamblin-Boone said that the payday lenders are working on bettering their system so as to not come across as loan sharks. They have committed to developing a better process that would take a closer look at who is getting loans, and whether or not these people can afford to pay them back in the future.

A new code is already in place to better the process, but the CFA has demanded that it be under further review over the next year after findings that more than 2000 people were currently struggling to pay back five or more payday loans.

Hamblin-Boone wanted to make sure that people do not misinterpret the investigation as one of illegality. He was quick to point out that payday lenders are a great way for people who can afford it to finance their futures. He made clear that it is plain wrong to put loan sharks and payday lenders in the same sentence and that the compliance review was merely a way to better the system for both the payday lenders and for the people who use them.

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Source: http://www.briefingwire.com/pr/consumer-finance-association-says-payday-lenders-are-safe-reports-paydayloan90com

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