Payday lenders find new home on the Internet
News from The Missoulian:

Want to talk to somebody at a payday loan operation? Good luck.

Most payday lending company phone numbers are disconnected, others now belong to different businesses.

A customer service representative did answer at EZ Money Check Cashing in Missoula last week, explaining the company does check cashing and tax filings, but no longer offers payday loans.

The reason is simple, and Bernie Harrington, owner of EZ Money Check Cashing, explained it this way: He closed three stores and cut services at others after Montana voters passed ballot Initiative 164 in November 2010. The initiative capped at 36 percent the interest fees and charges that payday, title and retail installment lenders can assess customers.

Supporters of I-164 called payday loan companies “predatory,” as lenders could charge up to 400 percent on the short-term loans.

Opponents of I-164, mostly payday lenders like Harrington, said the 400 percent was a misrepre…………… continues on The Missoulian

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