The Community Financial Services Association of America's recent selection of an Ohio attorney as “winner for most untruths” highlighted some popular misconceptions about cash advance lending.
Besides alleging that payday loans go to those in "extremely bad financial shape" the attorney claimed that "responsible" lenders would steer clear of such customers -- despite the fact that cash-loan applicants must by rule maintain bank accounts to begin with. (This is particularly relevant as Ohio is considering legislation that would severely restrict the rates that payday lenders could charge customers.)
It is not known whether the attorney in question responded to receiving such an honor.
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