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.
Andersen has additionally forcefully argued against further regulation of their industry, claiming that payday borrowers know very well what they truly are getting on their own into. Several of their clients may beg to vary. A couple of years ago, Andersen’s business settled a situation Attorney General lawsuit alleging customer fraudulence and a class action lawsuit alleging violations of state regulations prohibiting the amount of times a debtor can renew payday advances in addition to costs the lending company may charge. Possibly his business knew just what it had been getting it self into too?
Through all of it, Andersen has been doing quite nicely for himself. In the previous years that are few, Andersen has attained $3 million in payment. Andersen is not the only real one profiting from the loans that are payday business slings. Within the last years, Andersen has added at the very least $218,000 into the promotions of effective politicians and unique interest PACs that, in turn, add heavily to your campaigns of other elected officials.
Andersen Has Risen Through the Ranks at QC Holdings, Now Serving as President and CEO associated with the business
Darrin Andersen happens to be the CEO of QC Holdings since August 2012 in addition to President since might 2004. Darrin J. Andersen happens to be the President of QC Holdings Inc. since might 2004 and it has been its ceo since 1, 2012 august. Andersen served as Chief working Officer of QC Holdings Inc. since might 2004. [BusinessWeek Profile] From 1998 to April 2004 Darrin Andersen Served as CFO of QC Holdings february. “He served as QC Holdings Inc.’s Chief Financial Officer from February 1998 until April 2004.” [BusinessWeek Profile]
A Company He Claims aided to “Pioneer” the Payday Loan…
QC Holdings “Helped to Pioneer the Payday Loan Product significantly more than two decades Ago.” “With 500 places in 23 states, QC Holdings is just one of the nation’s largest providers of payday advances. We’ve been in operation for over 25 years, and we also aided to pioneer the loan that is payday a lot more than two decades ago.” [Community Financial solutions Association, made Remarks of Darrin Andersen, 5/24/11]
He’s additionally a Leader into the Payday Lending Industry
Darrin Anderson Is from the Board of Directors associated with customer Financial Services Association of America and functions as the seat regarding the Nominating Committee and Communications Committee. [Community Financial Services Association of America, 11/3/14]
He’s got been a Harsh Critic of Efforts to manage the Industry…
If The Problem With Pay Day Loans Would Be That They Price Customers Money, Then We Ought To Ban Books Simply Because They Expense Customers Money Too. “Betty Lin Fisher’s Dec. 17 “Taking Action” column on pay day loans (“Consumers caught in spiral of payday loans”) lacked any viewpoint on expenses to customers. It noted that customers yearly spend $4.2 billion in payday financing costs but forgot to say they get $40 billion in credit for all those charges. In accordance with the Center for Responsible Lending, payday advances ought to be banned since they cost customers money. Customers additionally invest $42 billion an on books, even though they’re available free at https://titlemax.us/payday-loans-ks/hugoton/ the library year. So just why maybe maybe maybe not ban the purchase of books?” [Darrin Andersen Letter towards the Editor, Akron Beacon Journal, 12/31/06]