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CRA: Payday Lending Beneath The CRA Microscope

CRA: Payday Lending Beneath The CRA Microscope

The penultimate session at PCi’s CRA and Fair Lending Colloquium had been a conversation and debate on payday financing. The panel included Billy Webster, CEO of Advance America, a number one payday loan provider, and Arthi Varma, a customer advocate aided by the California Reinvestment Coalition.

Sources to lending that is payday interspersed through the entire meeting, frequently with unfavorable connotations. As an example, John Taylor, President, nationwide Community Reinvestment Coalition, claimed that “payday lending couldn’t become more antithetical to CRA.” He essentially equated lending that is payday predatory financing.

Exactly exactly just How Payday Lending WorksPayday loans are short-term loans – really temporary.

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