View Poll Results: Pay day loans

Voters
44. You may not vote on this poll
  • Regulate - Yes

    36 81.82%
  • Regulate - No

    7 15.91%
  • No opinion

    1 2.27%
Page 11 of 40 FirstFirst ... 91011121321 ... LastLast
Results 101 to 110 of 399

Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #101
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    12-08-17 @ 06:20 PM
    Gender
    Lean
    Moderate
    Posts
    38,951

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    I grew up poor thus I understand the trap of payday loans. If you cannot pay your bills with this paycheck, then how are you going to pay them with the next, plus pay back the principle on your loan, plus pay back the exorbitant interest on that principle? The vast majority of the time you can't and that is why some 80% of payday loans get rolled over. The service payday loans offer to a poor community is no different than the service a loan shark offers a poor community. They are a leach upon the communities they are in. They prey upon the working poor, people that are desperate and have no real concept of the cost of credit.

    Let's say you are late on your rent. You can do one of the following:

    1. You can go down to the local payday lender and hopefully borrow the money you don't have.

    2. You can have an embarrassing talk with your landlord and hopefully work something out.

    Of those two options which do you think is the better? I would say option 2. It is always a bad idea to borrow money to pay for a recurring expense that you cannot currently afford because it only pushes that problem down the road a little bit and exacerbates it. The problem is payday lenders are like making a deal with the devil in that they make it seem so painless to come in and take option 1 in such a scenario.

    The fact is at least 9 out 10 people that walk into a payday lender are making a bad choice by doing so. There is almost always a better option than a payday lender if you need money. If you need money for food, then worst case scenario you can go to a food bank or church. If you are short on rent its always better to try to work something out with your landlord. If you are short on a car payment you can call the car lot and work something out (and if you are several payments late then the payday lender only delays the inevitable). The worst thing you can ever do is go down and borrow money for expenses you cannot afford now against future earnings that will be just as insufficient for paying your expenses as your current paycheck was.
    There are a lot of poor people who don't have bad credit. Payday loans are NOT designed for "poor people" - they are designed for people who can not get a loan elsewhere.

    "Bad credit" doesn't come from not making a lot of money. It comes from not paying your obligations on time.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  2. #102
    Banned
    Join Date
    Feb 2012
    Location
    Chicago Illinois
    Last Seen
    10-14-15 @ 09:28 AM
    Gender
    Lean
    Private
    Posts
    56,981

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    She didn't have insurance on her car?
    They didn't say.....she might have just had liability. It don't think it was a new car tho.

  3. #103
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    12-08-17 @ 06:20 PM
    Gender
    Lean
    Moderate
    Posts
    38,951

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Declan View Post
    In my state, if I wanted to loan you money, there is a limit on the interest I can charge you because more than that would be unfair. If I were a "bank or registered lending institution", I could charge you 3 times that amount and the sate would be like, "Go for it!!"
    For what kind of loan, and in what state? And what is the maximum limit on interest that you can charge a friend for a loan?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  4. #104
    Sage
    Lutherf's Avatar
    Join Date
    Sep 2012
    Location
    Tucson, AZ
    Last Seen
    Today @ 03:21 AM
    Gender
    Lean
    Conservative
    Posts
    24,629

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Mr. Invisible View Post
    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.
    My experience is that most of those who use the payday loan services do so on a recurring basis. They also tend to do so because they have failed to make the lifestyle changes necessary to negate the need for such loans. Gambling is one of those lifestyle issues.

  5. #105
    Left the building
    Fearandloathing's Avatar
    Join Date
    Jan 2012
    Location
    Vancouver, Canada Dual citizen
    Last Seen
    12-09-17 @ 03:51 PM
    Gender
    Lean
    Independent
    Posts
    18,367

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Jack Fabulous View Post
    Bingo!

    Just the sight of these places as I'm driving down the street is enough to make my skin crawl but you are absolutely correct. The people who use them are desperate, foolish, uneducated, addicted, et al. Closing these places down will give rise to alternatives that are even worse and regulating them to the point where it becomes unprofitable for them to operate within the risk pool that they are dealing with will do just that.

    Similar to the suggestion that pawn shops are a better alternative, where it encourages theft for the sake of a "loan". Too strict regulation will also lead to an increase in petty crime, from shop lifting to purse snatching to crash and dash....
    ""You know, when we sell to other countries, even if they're allies -- you never know about an ally. An ally can turn."
    Donald Trump, 11/23/17

  6. #106
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    12-08-17 @ 06:20 PM
    Gender
    Lean
    Moderate
    Posts
    38,951

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by MMC View Post
    They didn't say.....she might have just had liability. It don't think it was a new car tho.
    If she had a loan on her car, she would have to carry insurance on the car. If she didn't have a loan on her car, that meant she didn't have payments on it. And if she didn't have a loan and wasn't wise enough to carry insurance on it (protecting her interest in her property), she screwed up. That isn't the fault of the lender. Nor is her having credit so bad that she can't get a loan anywhere else.

    Personal responsibility. Not blaming everyone else for what we did wrong.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  7. #107
    Banned
    Join Date
    Feb 2012
    Location
    Chicago Illinois
    Last Seen
    10-14-15 @ 09:28 AM
    Gender
    Lean
    Private
    Posts
    56,981

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Mr. Invisible View Post
    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.

    Heya Mr I. Yeah I was just thinking about those who get divorced to, especially seniors. Or widowed seniors.

  8. #108
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    12-08-17 @ 06:20 PM
    Gender
    Lean
    Moderate
    Posts
    38,951

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Jack Fabulous View Post
    Bingo!

    Just the sight of these places as I'm driving down the street is enough to make my skin crawl but you are absolutely correct. The people who use them are desperate, foolish, uneducated, addicted, et al. Closing these places down will give rise to alternatives that are even worse and regulating them to the point where it becomes unprofitable for them to operate within the risk pool that they are dealing with will do just that.
    Payday lenders don't break peoples' legs when they don't pay. Loan sharks do. Over regulating these payday lenders out of business will hurt the people that need them even further.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #109
    Left the building
    Fearandloathing's Avatar
    Join Date
    Jan 2012
    Location
    Vancouver, Canada Dual citizen
    Last Seen
    12-09-17 @ 03:51 PM
    Gender
    Lean
    Independent
    Posts
    18,367

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Declan View Post
    In my state, if I wanted to loan you money, there is a limit on the interest I can charge you because more than that would be unfair. If I were a "bank or registered lending institution", I could charge you 3 times that amount and the sate would be like, "Go for it!!"
    I suggest you investigate the law in your state. I believe most areas limit the charging of interest to licensed credit granting institutions. Businesses cannot charge interest, only late payment charges with strict guidelines on rates etc.

    Anything you would charge as an individual would be liable for charges under usury laws or loansharking
    ""You know, when we sell to other countries, even if they're allies -- you never know about an ally. An ally can turn."
    Donald Trump, 11/23/17

  10. #110
    A Man Without A Country
    Mr. Invisible's Avatar
    Join Date
    Feb 2010
    Location
    New Jersey
    Last Seen
    12-09-17 @ 06:49 PM
    Gender
    Lean
    Other
    Posts
    4,957
    Blog Entries
    71

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    My experience is that most of those who use the payday loan services do so on a recurring basis. They also tend to do so because they have failed to make the lifestyle changes necessary to negate the need for such loans. Gambling is one of those lifestyle issues.
    To be honest homeboy, from the research that I've done regarding payday loans, not much if anything came up about people gambling. It was just poor people needing money.
    "And in the end, we were all just humans, drunk on the idea that love, only love, could heal our brokenness."

Page 11 of 40 FirstFirst ... 91011121321 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •