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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #91
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    In most cases I am for the free practice of business, but not in this case. "Payday loans" are loan sharking. And it isn't just the poor that get trapped by them.

    When we first moved to SC, my wife took a job working in one of these places for a short time. The stories she would tell are heartbreaking. And in most cases all these people need is a little counseling. When she did that, she got in trouble with her boss.

    These places are straight up evil.
    There you have it, the best post in this thread. Should be settled, and I suspect that sound minds prevail in this and regulation is on its way.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    Are we talking Arkansas?
    No.....

  3. #93
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    In most cases I am for the free practice of business, but not in this case. "Payday loans" are loan sharking. And it isn't just the poor that get trapped by them.

    When we first moved to SC, my wife took a job working in one of these places for a short time. The stories she would tell are heartbreaking. And in most cases all these people need is a little counseling. When she did that, she got in trouble with her boss.

    These places are straight up evil.
    Many think this is for the down and out, drunks, etc. Yet there are substantial numbers of working poor that 1 big bill, car repair for one, have no where to go.
    A predatory business model, preying on the working poor.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Declan View Post
    No.....
    Good, glad to hear there's more than one.
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Many think this is for the down and out, drunks, etc. Yet there are substantial numbers of working poor that 1 big bill, car repair for one, have no where to go.
    A predatory business model, preying on the working poor.


    Yep Janfu .....one lady they were talking about this morning on the radio worked two part time jobs. Had bad credit got a loan with 35% interest. Ended up in a crash totaling out the car and had to go and get another loan. Which she ended up having the car repo'ed. Had kids and doctors to deal with too.

    Ended up going back to one of these Payday Loans to get another loan. No way out as she had to have the car to work.

  6. #96
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    In most cases I am for the free practice of business, but not in this case. "Payday loans" are loan sharking. And it isn't just the poor that get trapped by them.

    When we first moved to SC, my wife took a job working in one of these places for a short time. The stories she would tell are heartbreaking. And in most cases all these people need is a little counseling. When she did that, she got in trouble with her boss.

    These places are straight up evil.
    I do not deny that. But the more regulations on interest rates, the more selective they'll be about who to loan to.

  7. #97
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    You left out people with gambling issues. There are LOTS of them using these services.
    That may be true, but let's look at things more specifically.

    Pew Research in 2012 reported that the majority of payday loan borrowers are 25- to 44-year-old white women, though “there are five groups that have higher odds of having used a payday loan: those without a four-year college degree; home renters; African Americans; those earning below $40,000 annually; and those who are separated or divorced.” (Who Borrows, Where They Borrow, and Why - Pew Center on the States)

    So in many cases you already have people who are facing hard times economically and then have no where else to turn to to get money.
    "And in the end, we were all just humans, drunk on the idea that love, only love, could heal our brokenness."

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by EMNofSeattle View Post
    No they really don't. Poor people with basic financial literacy would not need to use such a service
    What does that have to do with the regulation of payday lenders?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #99
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    At what price? I'm not saying that they aren't a resource for those in dire situations, but they are straight up loan sharks.
    At the price that the people who desperately need the money for a short term are willing to pay.
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  10. #100
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by MMC View Post
    Yep Janfu .....one lady they were talking about this morning on the radio worked two part time jobs. Had bad credit got a loan with 35% interest. Ended up in a crash totaling out the car and had to go and get another loan. Which she ended up having the car repo'ed. Had kids and doctors to deal with too.

    Ended up going back to one of these Payday Loans to get another loan. No way out as she had to have the car to work.
    She didn't have insurance on her car?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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