Reality Check: Nebraska Payday Leader Falsely Implies Borrowers Don’t Want Reform
RHETORIC: Borrowers Have No Complaints About Payday Loans
Nebraska Financial Services Association President and Payday Lender Brad Hill Said That Legislation in Nebraska to Regulate Payday Loans “Is Not Consumer or Complaint Driven.” “Brad Hill, president of the Nebraska Financial Services Association and a payday lender, said the number of payday loan companies has been dwindling, and if the bill passed it would eliminate those left or leave few operators. With all the criticism payday loan companies get, he said, the Department of Banking, the Better Business Bureau and the Consumer Financial Protection Bureau get few complaints about them. “This legislation is not consumer or complaint driven.” Hill said… “No one seems to be complaining except this maternalistic legislation.” [Lincoln Journal Star: “Lincoln Senator Wants Changes in Payday Loan Rules,” 2/8/16]
REALITY: Majority of Borrowers Feel Taken Advantage of by Payday Lenders and Nearly 3-out-of-4 Support More Regulation of the Industry
55% Of Payday Loan Consumers Feel Payday Loans Take Advantage of Borrowers. [Pew Charitable Trust: “How Borrowers Choose and Repay Payday Loans,” 2/2013]
72% Of Payday Borrowers Favor More Regulation of the Industry. [Pew Charitable Trust: “How Borrowers Choose and Repay Payday Loans,” 2/2013]