CashWise Blog

Cash Central appreciates your patronage and the ability we have to offer you peace of mind that comes from knowing you have access to short-term funds when you need them. Recent financial reactionism and subsequent legislation, however, are threatening your access to peace of mind and threaten to shut down short term loans– a financial service that has helped millions over the years.

Currently, regulatory reform legislation (in the form of the Community Financial Protection Agency–CFPA) is being politically rushed for a vote and has the very real potential to cause Cash Central and all other short-term payday lenders to close their doors—not only cutting off your access to convenient and accessible short term cash, but also putting more than 50,000 people out of work across the country. The next few days and weeks are critical in making your voice heard.

To contact your Senators, click here and find your senator by entering your state. Click on the appropriate contact link and fill out the contact form with a message that explains your feelings regarding the need for cash advances, short term loans, etc.—and that you do not want this right to be taken away by the government in this new piece of over-reaching legislation.

Cash Central has always believed in the ability of its customers to make careful choices and appreciates the support given us over the years. We’d now respectfully ask you to continue your support by contacting your senate representatives and asking them to oppose this legislation and explaining how the service has helped you. In contacting your local representatives, they’ll get a glimpse of how responsible short-term credit and payday loans do help and that allowing them to be legislated into elimination is of no help to anyone.

Unhelpful Legislation

While everyone wants financial reform, this new regulatory bill, (authored by Senator Christopher Dodd, D- Connecticut) in its efforts to reign in Wall Street also creates a new agency that would have the ability to control virtually every piece of consumer credit—from car loans to payday loans. This has the real possibility of eliminating payday lenders, abolishing your access to short-term credit and voiding previously established state regulations through Federal legislation. In fact, over 30 states have thoroughly researched payday loans, enacted cooperative legislation and ensured protection for their citizens.

Cash Central has fully endorsed and stands by these efforts. Federal Legislation on the other hand, in the form of a potential 36% rate cap (based on the misleading application of high APR for a short-term loan) is expected to be introduced as a knee jerk reaction to the financial crisis and in reflection to a misguided crusade against payday loans. Simply put, unless there is further time to negotiate a political compromise, rate caps are expected to be slid into the new legislation– caps intended not to regulate payday loans, but put them entirely out of business.

The CFPA bill is currently being debated and your state senators are waiting to hear your side of the story. Many legislators have only heard a single angle- one manipulated by misinformation and misleading talking points. We’ve received hundreds of “Thank you’s” and notes of appreciation for the service we provide—thank you’s and appreciation many politicians never hear over the shouting of a small majority who purposefully misrepresent payday loans and the majority of responsible people who use them.

Cash Central thanks you for your support and, with your help, looks forward to providing further access to short term credit well into the future.