The Texas Newspapers and on the state’s electronic media were recently criticizing on the Senate Bill 2547. It is a proposal designed that is making Payday Loan Lenders doing business even more challenging in Texas. The Mercenary activist organizations like Texas Appleseed and Center for Responsible Lending came with the truth regarding Payday Loans.
According to them, there is a requirement of short term financial help in nation and Payday Loans are neither the most expensive nor the Least option available for the borrowers. According to the statistics, Over 100 Million Dollars transactions had been made in year Jan-Dec 2021 by the borrowers who have chosen this option rather than going to borrow some money from friends or relatives, Getting from credit card Cash advance, pawning or other options. The U.S. borrowers know how to find the deal that will give those best benefits and they are hence shopping for the best of them all i.e. USA Payday Loans.
U.S. Consumers complain Rate Higher than Others
In past year, the BBB (Better Business Bureau) had noticed only 3300 complaints over 100 million payday loan transaction. The State regulatory authorities see complaint rates of 0.01 percent or less. There are lots of websites where people register their complaints online but still other brands and business got several times more than Payday Loans and Lenders. Those people who are not using Payday loans services are the most common people that are complaining about it like Politicians, Media and Customer Support organizations.
Consumers are Smart – They Don’t Repeat Mistakes
After a deep examination, the fact appeared that U.S. borrowers don’t repeat expensive financial mistakes and they won’t ever use the product again if they were actually get caught in the Cycle of Debt. According to the surveys and reports, over 12 million U.S. people go for payday loans each year and return for the product as well. If the CRL’s claims were true then the average borrower get stuck into paying off a single payday loan for five months and if a consumer faces such condition then the person will never return for Payday Loan again but it’s not happening now, i.e. The Consumers are happy with the services of Payday Loans.
The Newspaper and Media should recognize the fact that only 4 percent of the Population is using Payday Loans in USA. Some reporters are making wrong stories and made to play toe fool by the CRL, and sharing false narrative so that it can continue to rake in its 8 million dollar in annual contributions and pay its employees big salary amount. It better that the Media should investigate the CRL before putting it as News. We expect that the Legislature then will focus on passing the bills that are not unduly restrictive by any means.…