A company that helped “pioneer” payday lending since his hire in 1998, Darrin Andersen has worked his way up from CFO to President to CEO at QC Holdings.
During this period, Andersen happens to be an ardent critic of efforts that seek to safeguard struggling People in america from payday lenders. Recently, he argued that banning pay day loans would be much like banning publications simply because they both cost customers money. Really. This originating from a man whom acts as seat for the Communications Committee associated with the customer Financial Services Association of America – the payday industry’s special interest lobbying group.
Proving he’s not timid about their views, Andersen took towards the pages of 1 of the absolute most commonly circulated paper when you look at the land to help make clear that their business is n’t financing towards the courageous gents and ladies in the us Armed Forces since they are banned from charging significantly more compared to a 36% rate of interest. When you look at the lending that is payday it is really not unusual to charge 400% or maybe more.