The biggest critics of payday loans are supposed "consumer" advocates who claim to have our best interests at heart. They have benevolently researched these "predatory" lenders and can speak with full confidence in saying they should be avoided. But who are these advocates really advocating?

Perhaps the term banking advocates would better be applied to them. Banks make an estimated 60% of their income from NSF fees. And just how much do these run on average? Oh, just a minor 4,547% APR. In fact, the median interest rate on bounce protection loans is more than twenty times the median payday loan interest rate.

So why on earth are payday lenders required by law to disclose their APR, but banks can charge whatever the heck they feel like and never have to disclose what it is actually costing you? Does that seem fair to you? It does to your "advocates."

People who slam payday loans under the disguise of consumer advocates, credit counselors or anything else are nothing more than banking lobbyists. I call upon any critic of payday loans to go to the CFSA site and read up on some payday loan research and reports. In fact, I invite all people to read the research and know the facts.

Ignorance may be bliss but truth is freedom. I would rather do my own thinking instead of being told what to think by my "advocates." It should alarm anyone to know that this smear campaign is being funded and conducted by those who compete directly against payday loans for business.