In case you haven't seen the commercials that run during Rangers games, Ron Washington is now a spokesman for Ace Cash Express.
↵ACE is one of the leading companies in the payday loan business, an industry which has ... a colorful reputation, to say the least.
↵Here's how one former training manager described the business in a commentary at Patch.com:
↵↵↵The truth is, an overwhelming percentage of customers pay their loan every two weeks and then re-borrow upon every visit. In many cases, this goes on for years because customers just can't seem to get out of what appears to be a never-ending cycle of payday loan debt. The fact is, that's how these companies make their money.
↵Payday lenders make it sound as if their product is a one-time deal. They also claim their fee of $40 for a $400 loan is not only sensible, but affordable. But in my own experiences, I've seen customers continue borrowing for years. Time and again I've witnessed customers get caught-up in the so-called payday loan debt cycle, and it was my job to restrict customer repayment plan options and encourage the repetitive use of the payday loan product.
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In the last year alone, cities from San Antonio to San Jose, Des Moines and Birmingham have all made concerted efforts to regulate and restrict payday loan operations.
↵It might be time for the Rangers front office to talk to their manager about using the platform they've given him to associate their organization with such an unsavory business.
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