Yes, the Payday Loan Can Be Reinvented

It is great to have this conversation through the American Banker. Consumers need access to new short-term credit products to give them more options based on their individual needs. It's going to take all of us working together, the best and brightest from both banks and non-banks, to address this challenge. We applaud innovators like Sasha Orloff and Jacob Rosenberg of LendUp and many others who are bringing new ideas and products to this marketplace. But it's tough to do without a national platform. One of the challenges to bringing these new products to market is the patchwork of state laws governing short-term lending. That's why the Online Lenders Alliance is a proponent of federal charter legislation that would establish a national regulatory framework for the industry so all consumers have access to the innovative financial products they are demanding.

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I agree that American consumers need access to new short-term lending options with lower interest rates. Many consumers have problems with repayment of their payday loans and get into the debt circle. But I think that we can blame only those lenders who charge hidden fees and are unfair with their consumers. There are payday loan lenders who just provide fast financial assistance and honestly inform clients about the interest rate they charge. It's not worth to hurry when you pick a loan because there's a risk to make a serious financial mistake. It's a well-known fact that instant loans have high interest rates and it's not worth to use this service in case you're not sure that you'll be able to pay off the loan.