Payday lenders mobilize consumers with dire warnings

With high-pitched rhetoric and scary warnings, the payday lending industry is attempting to mobilize its borrowers to flood the CFPB with comments opposing the agency’s efforts to issue rules regulating the industry.

Individual payday lenders, such as Advance America, are providing Internet links to trade group websites that make the process of commenting as simple as… well, taking out a payday loan.

“Tell policymakers in Washington, D.C.: Don’t Take My Credit Away,” Speedy Cash, which offers loans on line and in their stores, states on its website.

continue reading »