Storefront payday lenders are creating a combative pitch that is new state lawmakers because they push for the expansion of short-term, high-cost financing in states around the world. Their message, in essence: us to do business, our would-be customers will find shadier sources of credit on the Internet if you don’t allow.
“we come across in the tv commercials off their organizations which can be preying upon these folks,” Trent Matson, manager of government affairs at Moneytree Inc., a lender that is payday runs in five states, stated in current testimony to lawmakers in Washington state. “there is certainly a need and need this is certainly being met by an unlawful black colored market.”