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"For Lenders You Can Trust Look For The Borrow Smart Seal."



Updated: December 23, 2008




MONTGOMERY ADVERTISER WRITES FEATURE STORY ON PAYDAY LENDING  December 23, 2008.  On Sunday, December 21st the Montgomery Advertiser ran this feature story on payday lending.  The reporter contacted us a week or so prior to this and requested information for the story.  In advance of the story, the reporter seemed to have the notion that payday lenders' business had increased significantly due to the current economic situation and implied the industry may be taking advantage of consumers in these hard economic times.  We assured him this was NOT the case and took the following steps to be sure an accurate story was written:

  • Arranged several interviews with local Borrow Smart member stores.

  • Undertook a member-wide poll on the internet to determine how our business was changing with the new economic challenges.  We launched the on-line poll of our members immediately for the reporter.  You can click here to see the interesting results of this business poll.

  • Advised the reporter of initiatives like this economic initiative that we had taken to hopefully prevent customer problems in these challenging times

As a result of these actions, and in particular the member poll which was quoted throughout the story, we think the story fairly presented our industry in a fair, responsible and a positive point of view.  Clearly, it could have easily gone the other way without these Borrow Smart actions as noted here by the Payday Pundit.

NATIONS CAPITAL EFFECTIVELY BANS PAYDAY LOANS  September 19, 2007.  Washington DC has effectively banned payday loans.  We have several stories to read about this decision.  The first story is from the Washington Post that covers the vote and the decision.  The second story is from an Ohio paper reporting before the vote.  Ohio is the home of Check N Go who is the target and a "justification" for banning payday loans in DC.  Third, is a story that you will have to search long and hard to find.  It is from RTO on line and it turns out the witnesses and former Check N Go employees who testified against Check N Go and the industry are convicted felons. 

There are a several items that are interesting about this story.  First, you will notice the CRL is prominently behind this move and their next target is Check N Go whose home is in Ohio.  CRL is becoming quite active in many states.  Second, this looks like an "inside job."  The council person who sponsored this is a Georgetown attorney with a consumer/activist background.  CRL is based in DC and it is hard to imagine that these two do not cross paths.   Third, the loss of DC is sure not positive  PR when it comes to influence it may or may not have on federal legislation.  The fallout from this will not be good.

GOVERNMENT GAO REPORT FINDS MILITARY DECISION TO BAN PAYDAY AND TITLE LOANS FLAWED!  September 6, 2007.  We could have told them so. But, don't expect to see changes any time soon to the military bill as a result of this highly critical GAO report on the John Warner National Defense Authorization Act.  You can read the news report here and the government report here.  Among the reports findings are that the DOD:

  • Used input only from industry critics to formulate the law

  • Used limited support for their findings

  • Did not establish any direct link between the use of certain credit products and  financial problems by military personnel

  • Action denies military personnel a credit option


ALABAMA ARISE LAUNCHES PAYDAY LOAN EFFORT -- AND FLOPS.  August 21, 2007. So now the Alabama Arise, one of our most significant adversaries and one we believe to be funded by trial lawyers, has decided to get into the payday loan business. What is so very special about this effort is they are always the first to jump on the "predatory" bandwagon.  Here is what they have to say about payday lending.  As a matter of fact, they were across the table from us as consumer representatives meeting with the Senate study group on payday lending in the last legislative session.  Of course they proposed a 3% interest rate never mentioning their own failing effort at 3%.

They clearly are failing at trying to run a payday operation.   Actually, according to them, they would be successful if they could only get funding.  Really?  That begs the question, why can't they get funding?  Is their model flawed?  Can you really charge 3% a month and have a going business?  They can't do it, but they want us to do it!

This story is a perfect example of the frustration we feel when we read these stories that get buried deep in a paper and they get no real coverage in the broad press.  We know there is "so much truth" that never gets beyond us and clearly never, ever gets the coverage like the bashing, front page articles we get from the press.  Well, thanks to CFL, that is all about to change.  These are the kind of stories that are made for publicity for us and thanks to our members it is going to begin soon!  See Big Communication's (Robin) comments.  This has been our focus from the beginning and there really is no other way to do it.  Over time, we aim to change our image in this state -- by providing the public and the government decision makers the truth about us.  Thanks, Alabama Arise.

Click here and read this very interesting story.

WASHINGTON POST SLAMS PAYDAY LOANS AND GETS A STRONG CHALLENGE.  August 3, 2007.   This article appeared recently in the Washington Post.  It is similar to the frequent and one-sided attacks we often read in the press.  But, this one prompted a quick and pointed response by the CFSA.  The response addresses important arguments that we believe have gone unanswered.  There are also new and quite pertinent points raised in the response.

Do not miss the discussion in the response regarding CRL.  It is quite informative.  Did you know they owned a credit union?  Read this and it is clear there are well-heeled competitors behind these attacks.

By the way, it is interesting to read the feedback comments from Washington Post readers.  The majority of the comments support payday lending.  Where is the outrage?

The response is a must read.




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