Nevada Week S1 Ep32 | The Highs and Lows of Payday Loans


♪>>WHILE PAYDAY LENDING IS EXPECTED TO BE A HOT TOPIC IN LAS VEGAS. WE’RE TALKING ABOUT THIS ON THE NEXT NEVADA WEEK. SUPPORT FOR “NEVADA WEEK” IS PROVIDED BY: SENATOR WILLIAM H. HERNSTADT, CASHMAN EQUIPMENT, DE CASTROVERDE LAW GROUP, NEVADA STATE BANK, VALLEY ELECTRIC ASSOCIATION, AND ADDITIONAL SUPPORTING SPONSORS.>>WELCOME TO THE NEVADA WEEK. I’M KIP WARTENBURGER. OUR STATE’S LEGISLATION IS UNDER WAY. IF COULD HAVE A HUGE IMPACT ON OUR WAY OF LIFE. WHAT WE WANT TO DISCUSS ARE SHORT-TERM LOANS. OR PAYDAY LOANS. IS THE QUESTION ARE THEY OR AREN’T THEY BENEFITTING US? BUT THE NEED FOR OUR COMMUNITIES FOR SHORT-TERM LOANS IS. AND PLEASE WELCOME TO DONEIL PEREIRA AN ATTORNEY FOR THE LEGAL CENTER FOR SOUTHERN NEVADA. AND TO GIVE US MORE BENEFITS OF PAYDAY LOANS WE HAVE WILLIAM HORNE. STRATEGIES THEY’RE 60. WE REALLY APPRECIATE YOU BEING HERE. EMILY LET’S TRY TO GET A BASELINE WHAT PAYDAY LOANS. YOU CAN GO TO A PAYDAY LOAN THERE ARE TITLE LOANS AND SIGNATURE LOANS AND THEN YOUR PAYDAY LOANS. PAYDAY LOANS ARE THE MOST POPULAR BECAUSE THEY REQUIRE THE LEAST AMOUNT TO GET APPROVED. SO LIKE YOU DON’T NEED TO HAVE GOOD CREDIT THE TO GET APPROVED FOR A PAYDAY LOANS. THOSE ARE GENERALLY THE MOST POPULAR THAT PEOPLE APPLY FOR. THOSE INTEREST RATES GENERALLY FROM 300% TO 600% DEPENDING ON THE TERM OF THE LOAN.>>WHAT IS THE AVERAGE TERM OF A LOAN. IN THE STATE — WELL IT DEPENDS. SOMETIMES THE TERM CAN BE ANYWHERE FROM THEY’LL AND THAT THE AVERAGE INTEREST RATE IS OVER 500% WHICH IS ONE OF THE HIGHEST IN THE COUNTRY.>>WHO’S ACTUALLY DOING THE LENDING MUCH ARE THEY BANKS THE STOREFRONTS ALL OVER SOUTHERN NEVADA.>>CHECK CITY, CASH 1. DOLLAR LOAN CENTER. THEY’RE ALL OVER TOWN.>>WILLIAM, JUST SCOPE NATIONALLY AND WITHIN OUR STATE. HOW MANY PAYDAY LOANS CENTERS DO WE HAVE HERE. HOW MANY INDIVIDUALS ARE WE LENDING MONEY TO.>>FIRST KIP, I’D LIKE TO PUSH BACK ON YOUR INTRO, WHICH WAS THE UP TO 652%. THAT’S THE APR WHICH BETTER IS REQUIRED FOR SHORT-TERM LENDERS TO POST. HOWEVER, THAT’S A FIX. BECAUSE THESE LOANS ARE AMBLED OUT TO TWO TO FOUR WEEKS. THESE LOANS ARE TAKEN OUT FOR. AVERAGE OF $350. IF YOU WERE TO SAY FOR INSTANCE SOMETHING LIKE A BOUNCED CHECK WHICH OFTENTIMES WHY CONSUMERS TAKE OUT A SHORT-TERM LOAN IF YOU WERE TO DO THAT FOR A BOUNCED CHECK AT A BANK AND DID THAT RENEWED THAT EVERY TWO WEEKS FOR A YEAR THAT WOULD BE A 1,700% APR. BUT WE DON’T DO THAT. WE DO IT FOR SHORT-TERM LOANS. THESE LOANS CAN BE 652% OR AVERAGE IS 500%. MY CLIENTS FOR INSTANCE, CHARGE A FLAT FEE OF $18.50 PER $100 BORROWED. THERE ARE NO OTHER FINANCIAL INSTITUTIONS THAT ARE GIVING THESE TYPES OF LOANS. THAT’S WHY THE INDUSTRY IS THERE. IT PROVIDES AN ACCESS TO CREDIT THAT’S NOT PROVIDED ELSEWHERE. BUT IT’S DEFINITELY A NEED FOR A WIDE VARIETY OF CONSUMERS.>>SO TENILLE LET’S TALK ABOUT THIS APR. ARE WE COMPARING APPLES TO APPLES. DO YOU THINK THAT’S A FAIR ASSESSMENT FOR A SHORT-TERM LOAN VERSUS A LONG-TERM LOAN.>>IT’S IMPORTANT TO PUT AN ACTUAL APR ON IT SO WE CAN LOOK AT. HE ALLUDED TO A BOUNCED CHECK FEE. YOU’RE NOT BOUNCING A CHECK EVERY TWO WEEKS. WHAT WE SEE AND FIND IN PRACTICE INDIVIDUALS THAT CAN GET THESE SHORT-TERM LOANS IT ENDS UP TURNING INTO LONG-TERM LOANS. THEY PAY ONE TO AND THEY GET ANOTHER ONE TO PAY ANOTHER ONE OFF. IT ENDS UP A LONG-TERM LOAN WHERE APR IS NEEDED TO UNDERSTAND THE COST OF THE LOAN. IT NEEDS TO BE AN APR SO WE UNDERSTAND WHAT THE COST OF FINANCING IS TO THE CONSUMER.>>WHO MOSTLY — WHAT’S THE MAJORITY OF THE POPULATION WITH DEMOGRAPHIC. SOCIOECONOMIC STATUS THAT ARE GOING TO THE PAYDAY LOANS. UNDER $40,000 THEY’RE THREE MORE LIKELY TO USE PAYDAY LOANS. BETWEEN $15,000 AND $25,000 IS YOUR HIGHEST NUMBER. IT’S REALLY THE LOWER ECONOMIC>>WILLIAM, SHALL ARE YOU SAYING THAT MOSTLY OF THE LOWER ECONOMIC DEMOGRAPHIC. ACTUALLY THE AVERAGE INCOME IS ABOUT $45,000 A YEAR FOR A FAMILY WHO — WHO UTILIZES THESE PRODUCTS. LET’S NOT FORGET I THINK ONE OF THE THINGS NOT TOUCHED UPON THESE CONSUMERS ARE MAKING INTELLIGENT CHOICES ON TRANSPARENT PRODUCT AND MAKE NO MISTAKE. IN NEVADA SINCE IN THE 2007 SESSION, IN THE 2009 SESSION AND LAST SESSION THE INDUSTRY HAS COME TO THE TABLE AND SAID WE’LL WORK WITH YOU. LET’S SEE WHERE THE PROBLEM EXISTS AND WE’LL TRY TO CORRECT THAT. AND SO CONSUMERS ARE MAKING AN INTELLIGENT CHOICE ON A PRODUCT THAT THEY BELIEVE THEY NEED TO CLOSE A FINANCIAL GAP. TO HAVE AN ACCESS TO CREDIT THAT IS NOT PROVIDED ELSEWHERE. FOR INSTANCE, YOU CAN HAVE ANYTHING FROM A CAR BREAK DOWN AND LET’S SAY THAT THE MECHANIC SAYS IT’S $500. YOU’D BE SURPRISED THE NUMBER OF FAMILIES REGARDLESS ON THEIR INCOME ARE LIVING PAYCHECK TO PAYCHECK. THAT ONE CAR DOWN WITH A FAMILY WITH TWO CARS NOW DOWN TO ONE CAR. THEY HAVE TO MAKE THAT DECISION HOW THEY’RE GOING TO CLOSE THAT GAP. AND THEY GO AND THEY SEE THE TERMS WHICH WE’VE PUT INTO LAW AND REGULATIONS IN THE STATE OF NEVADA AND THEY’VE MADE THIS CHOICE TO DO THAT. AND I SEE ONE LAST THING IS THE PRODUCTS THAT ARE THEY’RE PROVIDED — THE BUSINESS MODEL DOESN’T MAKE SENSE IF THEY’RE PROVIDING LOANS THAT CANNOT BE REPAID. NO ONE WINS THERE. THE CONSUMER DOESN’T WIN, AND NEITHER DOES THE LENDEE.>>LET’S TALK ABOUT REPAYMENT. EMILY WHAT KIND OF DATA ARE BEING REPAID IMMEDIATELY. ARE WE SEEING CONTINUAL LOANS. WE’RE SEEING WHAT TENILLE MENTIONED. WHEN A CONSUMER OPENS A PAYDAY LOAN. ACCORDING TO THE CONSUMER BORROW HALF OF THE PAYDAY LOANS ARE SEQUENCE THAT STRETCHES 10 CONSECUTIVE LOANS. THAT’S A LOT. AND SO WHAT HAPPENS IS THEY’LL HAVE A SHORT-TERM LOAN, AND THEY HAVE TO GET ANOTHER ONE TO PAY THE FIRST, AND THEN ANOTHER ONE. WHAT ENDS UP HAPPENING IT BECOMES LONG-TERM AND THEN THEY STRUGGLE TO PAY IT.>>DO WE HAVE ANY IDEA WHAT THE AVERAGE IS IN THE STATE. ARE WE LOOK AT SUCCESSIVE PAYMENTS ON A NATIONAL LEVEL. I CAN TELL NEARLY HALF OF THOSE WHO TAKE PAYDAY LOANS AREN’T USING IT AS ONE AFTER ONE ANOTHER AFTER ANOTHER. IN FACT AS I WAS MENTIONING BEFORE THE AVERAGE INCOME OF THOSE IS $45,000 A YEAR. AND THESE ARE — THE PEOPLE THAT ARE UTILIZING THESE FOR LARGE PORTION OF THEM ARE UTILIZING THEM FOR EMERGENT PURPOSES. IF YOU TALK ABOUT A QUESTION ABOUT WHO ELSE IF YOU’RE USING IT BECAUSE YOUR EMPLOYMENT DOESN’T GET YOU THERE OR WHEN WE TALKED ABOUT IT LAST LEGISLATIVE SESSION ABOUT FINANCIAL LITERACY. I THINK THESE ARE REAL THINGS TO TALK ABOUT, WHETHER OR NOT WE HAVE APPROPRIATE FINANCIAL LITERACY IN OUR STATE ON MANAGING YOUR FUNDS. WHETHER OR NOT THE SIMPLE ISSUE IF YOU’RE WORKING A 40 HOUR WEEK JOB AND YOU STILL CAN’T MAKE ENDS MEET, IS THAT THE FAULT OF SHORT-TERM LENDERS OR IS THAT A CONDITION WHICH WE NEED TO ADDRESS AND WHETHER OR NOT THERE ARE APPROPRIATE WAGES. THAT’S IN ADDITION TO WHETHER OR NOT SOMEBODY CAN MAKE EMERGENT LOAN. WE JUST RECENTLY HAD A FINANCIAL SITUATION WITH OUR FEDERAL WORKERS. MANY OF THEM WITHOUT A PAYCHECK. AND NO FAULT OF THEIR OWN, SOME OF THEM UTILIZED SHORT-TERM LENDING TO GET PAST THAT CLOSURE.>>LET’S USE THAT AS AN EXAMPLE. YOU HAVE A LOT OF EXPERIENCE AT THE LEGAL AID CENTER. LET’S USE THE FEDERAL EMPLOYEES AS AN EXAMPLE. ARE THEY THEN ABLE TO MAKE UP THE GAPS AFTER THEY TAKE THE SHORT-TERM LOANS.>>ONE OF THE MYTHS WHAT THESE LOANS ARE USED. LOTS OF INDIVIDUALS BELIEVE THEY’RE USED FOR EMERGENCY. THE REMAINING ARE USED FOR REGULAR OR ORDINARY EXPENSES. INDIVIDUALS ARE STRUGGLING TO MAKE THEIR ENDS MEET. THEIR PAYCHECK IS NOT LASTING LONG ENOUGH. AND I SEE THAT A LOT WITH THE LOWER SOCIAL ECONOMIC HOUSEHOLDS USING THESE LOANS IT MAKES SENSE THAT WOULD BE AN ISSUE. WHAT THERE NEEDS TO BE SOME ALTERNATIVES THAT DON’T PUT THEM IN A WORSE CONDITION THAN THEY WERE WHEN THEY GOT THE LOAN. WE NEED TO LOOK AT ALTERNATIVES. WE ABSOLUTELY NEED TO LOOK AT FINANCIAL LITERACY AND HELPING INDIVIDUALS UNDERSTAND WHAT THEIR CHOICES ARE. I DON’T BELIEVE THAT THIS MARKET IS A CONSUMER DRIVEN MARKET IS THAT THE CONSUMERS ARE SHOPPING AROUND AND MAKING EDUCATED CHOICES. COMPARING INTEREST RATES FROM ONE LOCATION TO ANOTHER LOCATION. WHAT I SEE IS INDIVIDUALS THAT ARE WALKING TO THEIR CLOSEST STOREFRONT PAYDAY LENDER AND TAKING OUT THE LOAN. IT’S NOT THEM GETTING AROUNDS. I WILL SAY FROM MY PERSONAL EXPERIENCE. I WAS IN THE MILITARY FOR 10 YEARS PRIOR TO BECOMING AN ATTORNEY. I STRUGGLED TO MAKE ENDS MEET AND I GOT TRAPPED IN THE CYCLE BEFORE THE FEDERAL GOVERNMENT PASSED REGULAR LAINGS TO PROTECT THE ACTIVE DUTY MILITARY MEMBERS. I DO UNDERSTAND THE CYCLE AND HOW EASY YOU CAN GET CAUGHT INTO IT. WHAT ARE THE ALTERNATIVES. HOW CAN WE EDUCATE THESE PEOPLE.>>IN ADDITION TO THE EDUCATION AND THE FINANCIAL LITERACY. LET’S GO BACK TO WHAT OPTIONS WE HAVE. THE PAYDAY LOANS. EMILY TRADITIONAL BANKS AND CREDIT UNIONS DO WE HAVE OTHER OPPORTUNITIES THAT INDIVIDUALS CAN GO AND GET SHORT-TERM LOANS.>>THERE ARE OTHER OPTIONS. IT’S UNFORTUNATE A LOT OF OUR CONSUMERS DON’T KNOW ABOUT THESE OPTIONS. LIKE TENILLE MANY OF THEM WALKING TO THE CLOSEST STOREFRONT RATHER THAN DOING THE RESEARCH. FOR US YOU BROUGHT UP THE FEDERAL WORKERS ISSUES THAT RECENTLY HAPPENED WITH THE SHUTDOWN. WE HAVE A SPECIFIC LOAN THAT IS FOR FEDERAL WORKERS OR EVEN WORKERS THAT ARE IN A UNION. IF THEY HAVE A UNION STRIKE OR IF THE GOVERNMENT HAS A SHUT DOWN THOSE FOLKS CAN COME IN AND BRING IN A LETTER THAT SHOWS THEY ARE NOT WORKING WE WILL GIVE 0% FOR 90 DAYS. AND THAT’S FOR A LOT OF OUR PRODUCTS. YOU TALK ABOUT RESOURCES AND OTHER SOLUTIONS AS WELL. IF SOMEBODY CAME TO SCE AND THEY OPENED UP A CHECKING ACCOUNT WE DO A HARD CREDIT CHECK. BUT WE DO CHECK, AND DURING THAT HARD CHECK A LOT OF FOLKS WILL OPT INTO OPENING A LINE OF CREDIT. THE REASON THEY DO THAT IF THEY’RE IN AN EMERGENCY SITUATION INSTEAD OF GOING TO A PLACE POTENTIALLY GET CHARGED 500% AND GET CAUGHT IN A REVOLVING CYCLE THEY COULD GO TO THEIR CREDIT UNION AND PULL OUT THAT MONEY FROM A LINE OF CREDIT. IF THEY DON’T HAVE THE BEST CREDIT WE’RE NOT GOING TO CHARGE THEM MORE THAN 18%.>>IT’S IMPORTANT TO NOTE THAT YOU HAVE TO BE A MEMBER OF CREDIT UNIONS OFTENTIMES TO COME IN. YOU CAN’T JUST GO OFF THE STREET. AND ALSO IT’S IMPORTANT TO NOTE THAT 40% OF CONSUMERS ACTUALLY HAVE LESS THAN PRIME RATE FOR — FICO SCORE TO GET A GOOD LOAN ON DOING THAT. AGAIN WE’RE TALKING ABOUT SMALL DOLLAR LOANS. AND WE HAD A COUPLE OF LENDERS HERE SHORT-TERM LENDERS THAT DID GIVE SOME LOANS TO FEDERAL WORKERS WHO WEREN’T GETTING PAYCHECKS INTEREST FREE DURING THAT PERIOD OF TIME. THEY DIDN’T HAVE TO JOIN A CREDIT UNION OR ANYTHING TO GET THAT. THEY DID THAT FOR THAT SHORT TIME BECAUSE THEY HAVE BEEN IN THIS COMMUNITY AND THEY ARE GOOD COMMUNITY PARTNERS. SO IT’S OFTENTIMES MISSED THAT THAT IS A SEGMENT OF ACCESS TO CREDIT THAT — I’M SORRY TO DISAGREE THAT ISN’T READILY AVAILABLE FOR EVERYONE TO DO THAT. YOU JUST CAN’T GO OFF THE STREET AND TRY TO GET A BANK ACCOUNT AT WELLS FARGO. OFTENTIMES YOU CAN’T GET A CHECKING ACCOUNT IF YOUR CREDIT IS BAD. THIS IS THE AREA WHICH CLOSES THAT GAP FOR. FOR THE SHORT-TERM LOANS FOR SHORT PERIODS OF TIME.>>GO AHEAD EMILY. JUST A COUPLE OF THING. FOR OUR CREDIT UNION BUT I CAN TELL THAT OUR MEMBERSHIP IS OPEN TO ALL. YOU DON’T HAVE TO BE A PART OF SOME SPECIAL ORGANIZATION TO JOIN OUR CREDIT UNION. WE HAD A LADY WHO GAVE ME A CALL SHE KNEW I KNEW WE WERE WORKING ON THIS. AND SHE WAS NOT A MEMBER, AND SHE HAD A DECENT WAGE. SHE HAD AN ACCOUNT WITH ANOTHER FINANCIAL INSTITUTION BUT SHE HAD — HER CAR GOT BROKEN INTO AND THE INSURANCE DIDN’T COVER IT. AN EMERGENCY SITUATION. SO SHE WENT TO HER CLOSEST PAYDAY LENDER PULLED OUT A SHORT-TERM LOAN AND FOUND SHE COULDN’T PAY IT ON TIME SO SHE HAD TO OPEN ANOTHER ONE. THIS IS A WOMAN THAT HAD CONSISTENT MONEY COMING IN. SHE HAD ENDED UP OPENING THREE LOANS. AND SHE PAID $900 PER MONTH IN INTEREST. SO WHAT WE DID WAS SHE WENT AHEAD AND JOINED OUR CREDIT UNION. WE HELPED HER WITH THE PROCESS AND SHE DIDN’T LOOK ON PAPER. ON PAPER WHEN WE SENT IT TO OUR LENDING DEPARTMENT THEY CALLED THIS ISN’T LOOKING THE BEST. SO WHAT WE DID BECAUSE WE’RE A NOT-FOR-PROFIT WE CAN DO THIS. WE HAVE A CDFI DESIGNATION. WE WORK VERY HARD TO HELP FOLKS IN NEED. SO WE TALKED TO OUR CHIEF OF LENDING AND BASICALLY LET HER KNOW WHAT THIS WOMAN WAS GOING THROUGH, AND THIS YEAR SHE WILL PAY LESS THAN $200 THIS YEAR TO CONSOLIDATE ALL OF THE PAYDAY LOANS AND WE’VE BEEN ABLE TO HELP HER AND HER FAMILY THE ABILITY TO PAY TO BE ABLE TO GO TO YOUR LENDER. I CAN’T PAY THIS IN THIS TIME PERIOD AND THAT LOAN — THAT LENDER HAS TO GIVE THEM AN EXTENSION WITH NO FURTHER INTEREST IN THE TIME TO PAY THAT OFF WITHOUT HAVING TO GET ANOTHER LOAN. THIS IS ANOTHER EXAMPLE THE INDUSTRY HAS COME TO THE TABLE TO ADDRESS THAT VERY THING LAST SESSION.>>WE’RE IN THE 80th LEGISLATION AND WE HAVE A COUPLE OF BILL DRAFTS. SOMETHING THAT IS TRYING TO ADDRESS HAVING A SHARED DATABASE SO WE CAN LOOK AT CREDIT AND TRACK WHAT LENDING IS LOOKING OVER SHORT-TERM LENDING. TENILLE, IS THAT A GOOD SYSTEM. IT’S A FRONT AND ENFORCEMENT MECHANISM. IT PROTECTS CONSUMERS ON THE FRONT END INSTEAD OF CHASING IT ON THE BACK END. IT REQUIRES COMPLIANCE WITH THE CONSUMERS THAT ARE ON THE BOOKS. THERE ARE GOOD CONSUMER PROTECTIONS ON THE BOOKS. THEY’RE NOT BEING FOLLOWED. THEY’RE BEING VIOLATED. I WANT TO GO BACK TO HIS POINT ON THAT OPTION TO EXTEND. THAT ONLY GOES TO THE TRADITIONAL PAYDAY LOAN WHICH IS A TWO WEEK LOAN. SO THE 120-DAY LOANS IT DOESN’T APPLY TO THAT. THE FRONT END MECHANISM WOULD FIX A LOT OF THE PROBLEMS AND PROTECT THE CONSUMERS ON THE FRONT END. TO THAT POINT, WE’RE NOT ASKING IN THAT PROPOSAL TO ADD MORE RESTRICTION OR WE’RE NOT TRYING TO RESTRICT THEM FROM BEING ABLE TO LEND. IT YOU DOESN’T REDUCE THE INTEREST RATE. ALL IT DOES IS ENFORCE THE CURRENT PROTECTIONS ON THE BOOK. AB118 WHICH WOULD REDUCE THE INTEREST RATE DOWN TO 36%.>>THAT WOULD CLOSE IT BECAUSE THAT BILL HAS A 30% — 36% CAP ON IT. AS I MENTIONED BEFORE ONE OF MY CLIENTS $18.50 FLAT PER $100. THAT WOULD TAKE IT 10 CENTS A DAY ON THAT LOAN. YOU COULDN’T RUN YOUR BUSINESS TO DO THAT CAP. AND WE’VE SEEN THAT IN OTHER JURISDICTIONS AS WELL IN NEW YORK AND YOU’VE SEEN WHERE INSTANCE WHERE THEY’VE DONE THAT AND THERE’S BEEN SPIKES IN CONSUMER COMPLAINTS. COLORADO AND SOUTH DAKOTA HAVE BOTH RECENTLY IMPLEMENTED THIS TYPE OF BILL. WHAT IS THE RESULTS.>>WHAT HAPPENS IS THE NEED DOESN’T GO AWAY. WHAT HAPPENS IS THEY START GOING EITHER ACROSS STATE LINES TO STATE THAT HAVEN’T DONE THAT. OR THEY GO ONLINE TO UNREGULATED SOURCES. WE’VE SEEN SPIKES IN COMPLAINTS FROM THOSE OFFLINE — THOSE ONLINE UNREGULATED ENTITIES. THAT’S WHAT WE WANT TO AVOID. THAT’S WHY THE INDUSTRY AS I SAID BEFORE HAS ALWAYS BEEN TO THE TABLE TO FIND A WAY TO GIVE A TRANSPARENT PRODUCT THAT THE CONSUMERS ARE ASKING FOR THAT THEY NEED IN ORDER TO SOLVE THIS ACCESS TO CREDIT PROBLEM. AND IT’S LEGITIMATE AND TO SAY THAT WE DON’T NEED IT THEY’VE GOT TO FIND OTHER OPTIONS WITHOUT FINDING OTHER OPTIONS. ALSO — I ACTUALLY HAD ONE LEGISLATURE THEY NEED TO LEARN TO GO THANK THEIR FAMILY. I CAN TELL YOU AS CLOSE AS MY FAMILY THERE MAY BE ONE PERSON THAT CAN ACTUALLY DO THAT. I KNOW TON OF OTHER FAMILIES THEY DON’T HAVE THAT PERSON HEY I NEED A $500 LOAN. I THINK IT’S IMPORTANT TO KEEP THAT IN MIND. WHEN YOU TALK ABOUT PUTTING CAPS ON YOU’RE ELIMINATING PRODUCT FROM CONSUMERS THAT THE CONSUMERS HAVE ASKED FOR AND THAT IS REGULATED IN OUR STATE WE HAVE PUT APPROPRIATE LAWS AND REGULATIONS TO PROTECT THE CONSUMER. EMILY, IN LENDING CIRCLES WHEN THESE STATES HAVE HAD THESE CAPS. ARE WE SEEING THE OTHER OPTIONS ARE GOING TO FAMILY MEMBERS AND PAWN SHOPS. ARE WE SEEING OTHER FORMS OF LENDING THAT ARE EMERGING. — THERE ARE OTHER — AGAIN IT’S HARD FOR ME TO SPEAK FOR OTHER FINANCIAL INSTITUTIONS. I READ THAT U.S. BANK IS PUTTING TOGETHER WHAT THEY CALL SIMPLE LOAN AND IT’S A MUCH HIGHER RATE BUT IT’S A LOT LOWER THAN 500%. THE PROBLEM IS A LOT OF THE CONSUMERS DON’T KNOW THESE OTHER SOLUTIONS EXIST. I WANT TO TALK ABOUT WHAT YOU SAID AS FAR AS THE CONSUMERS WANTING OR NEEDING ACCESS TO CREDIT AND SHORT-TERM CREDIT. YOU’RE ABSOLUTELY RIGHT THEY DO NEED THAT. HOWEVER THERE’S A MUCH BIGGER PROBLEM THAT WE’RE NOT YOU — ADDRESSING.>>THERE’S A LEARNING DISCONNECT. WE’RE OUT OF TIME. IT WAS A GREAT DISCUSSION. THANK YOU SO MUCH FOR BEING HERE. WE REALLY APPRECIATE. THANK YOU FOR JOINING US ON “NEVADA WEEK.” WE ENCOURAGE YOU TO VISIT OUR WEBSITE: IF YOU HAVE A TOPIC OR ISSUE ON A FUTURE “NEVADA WEEK” WE WOULD LOVE YOU TO EMAIL US. THANK YOU AGAIN AND I’LL SEE YOU ON THE NEXT “NEVADA WEEK.” ♪ ♪

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