- - Thursday, August 27, 2015

Eliminating people’s access to credit is poor policy and the current Consumer Financial Protection Bureau proposed rules would do just that by intentionally limiting access to short term credit to people like me, and you.

I am an everyday American who has served his country in the United States Air Force. I am a college graduate with a bachelor’s degree in computer science information systems. I have worked in various jobs and industries including transportation, insurance, health care, financial services among the many. I have worked for organizations such as United Parcel Service (UPS), Household Bank Corporation (HSBC), Comdisco, AonHewitt, BlueCross BlueShield of IL, TX, OK, NM, MT, and WellPoint INC. My resume probably reflects most Americans in the new 21st century economy.

I am also an active member of my community holding various nonprofit leadership roles such as Vice President of Operation for Fellowship of Afro-American Men, Midwest Regional Director for Black Data Processing Association, Mission Department Assistant Comptroller for Church of God in Christ and a few others. I think you would find similar community engagement from people in towns across the country.

I was asked last year if I would be willingly to share my experience regarding short-term lending, and I agreed to tell my story on one condition that I was allowed to tell the actual honest truth on why I used the services.

I needed the funds to ensure that my son could complete his college degree on time and not have his studies cease due to lack of payment for tuition. As a father, I made sure that I could position him for success and help with him completing his degree on time. I have various accounts with traditional banks such as JPMorgan Chase, CapitalOne, Scottrade Inc. and a few others, yet I was turned down in seeking a conventional loan from any of these institutions to handle an immediate emergency need. So I needed to take out a short-term loan.

I couldn’t mention this immediate need to my family (mother, father, wife and others) nor did I reach out to my friends. My pride would not allow me to reach out and I saw information pertaining to the loan store here in Evanston, Illinois. It had various loan options in Illinois, and I choose to give them a try. I used their title loan product knowing that I could handle my loan repayment. I needed my vehicle to get to and from work, so this was the best option for me to ensure I stay on time with meeting my financial obligation on the loan.

I have used the loan services a couple of times and paid them in full without any defaults to report. I know that if these loans were not an option in my financial portfolio then the completion of my son college degree would not have been possible. I am proud to say that his graduation date was May 4, 2014.

Short-term credit is definitely great to have if traditional institutions are not going to provide resources for immediate financial needs to hard working citizens. As I understand the CFPB’s proposed rules would destroy our options. I guess as most Americans like me don’t want a government agency deciding how I get credit when I believe it is right for me.

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