Pay Day Loans Business Oppertunities

Robert L. Johnson Addresses Congressional Staff and Urges Legislators to ...

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"We all know that payday loans is never the best option, but often it is the type fastest and most affordable loan option available for people in need of financial assistance and a short notice. These loans often include costs and interest rates that credit card rival and is never the best choice for long-term financial needs. This is why I am urging Congress to put more emphasis on national payday loans and predatory lending practices that low-income families to moderate impact, especially African Americans."

Johnson cited the recent study by the FDIC, nearly 60 million American adults are "underbanked", meaning they do not have a bank account or use alternative financial services. More than half of U.S. households in Africa are under-banked Americans and Africa are six times less likely than white Americans to have a bank account. Millions of Americans working to count on payday loans to cover unexpected bills, make repairs to their cars, or for urgent medical expenses.

"Our financial system did not work for an entire class of hard working Americans and recent regulatory changes can make financial institutions even more reluctant to serve this growing population. Individuals with low to moderate income who live check- to pay, having lost access to financial products that help to establish or recover financially and I am looking at alternatives to payday loans that we know today."

In addition to challenges within the financial services system, minority Americans also face obstacles when trying to identify employment opportunities and to become commercial suppliers and suppliers in corporate America. In response, in collaboration with Johnson-firm, Symplicity, created OppsPlace.com.

"I am personally committed to finding business solutions to solve social problems such as high unemployment rates of minorities and limited opportunities for minority business. OppsPlace.com will help solve this problem and help companies meet their diversity objectives, while meeting the real needs and goals for participation by suppliers of their business, "he said." Having grown up in households of the working class I understand this problem, it is a matter I am passionate. All Americans deserve access to financial services that work for them, not against them, and the right to compete for jobs in our country. I Because of these issues a priority, "he said.