WASHINGTON — Beginning on January 1 of next year, members of the Consumer Financial Services Association, the trade association that claims membership from 60% of payday lenders across the country, will start posting their loan fees on large posters in their lobbies, the association has announced.
The posters will be around 22 inches tall and 18 inches wide and will have 1/2 inch type, according to Darrin Anderson, president of the association. They will also be expressed in dollar amounts and percentage rates for a number of different loan amounts and time periods, he added.
"Our goal is to be up front with consumers about the cost of these financial products and to be able to let them make informed choices," he said.
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Speaking to reporters, both he and Linda DeVault, immediate past president of the association, acknowledged that part of the policy was to put their products in the front line of disclosures and comparison shopping, where they contended they are the strongest.
DeVault contended that, by comparison, a $30 fee to cover an $80 overdraft for seven days until the next paycheck works out to better than 1000% on an annual basis. "We believe consumers will be able to choose which provides the better option," she said.
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