Payday lending has been getting a lot of negative publicity because of a few bad apples
Los Angeles, CA (Vocus) September 1, 2010
AboutPaydayLoan.com is a payday loan industry resource blog backed by various reputable payday lenders. Its main purpose is to encourage responsible payday lending and to educate payday loan consumers about payday loans. It also exists to distinguish reputable and trusted American payday lenders from others.
Today the website officially announced that it is looking for payday loan content contributors in order to bring more payday loan education to its users. The website has formed an alliance with other payday loan sites, such as Payday Loans Max, Cash USA, and Payday Loan Blog, in order to advocate responsible payday lending.
"Payday lending has been getting a lot of negative publicity because of a few bad apples," says one of the writers of a personal finance website who also contributes to AboutPaydayLoan.com. He also says, "One of our missions is to clear some of the bad reputation by educating our consumers and promoting responsible lending."
This is indeed true. There have been a few payday lenders nation-wide that have participated in predatory lending. This malpractice, committed by those “few bad apples”, has given a bad reputation to the entire industry. To make matters worse, there exists many lead generation websites, which make empty promises to consumers, only to collect personal information. These tricky websites use phrases such as, "Get a payday loan instantly up to $3000," when in fact payday loans on average are less than $1000 and often take up to 1 business day to receive.
Websites such as Aboutpaydayloan.com defend the payday loan industry and support payday lending to exist as a legitimate business. The industry is under attack by many state and federal politicians claiming that payday loans are too expensive. However, a short and detailed article on AboutPaydayLoan.com shows how payday loans are cheaper than overdraft fees and other types of fees.
The payday industry was not part of the problem that led to the financial meltdown of 2008. Many payday lenders are wary that they are being over regulated. To remedy this situation, they got together and launched these websites in order to both promote and defend responsible payday lending.