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Consumer Protection Agency Seeks Limits on Payday Lenders

Pay day loans

  • Regulate - Yes

    Votes: 36 81.8%

  • Regulate - No

    Votes: 7 15.9%

  • No opinion

    Votes: 1 2.3%
  • Total voters
    44
Montecresto said:
Do you think that you and I have a disagreement? I posted what I did to bolster what you've been saying!
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I know we do not disagree. I was posting for the same reason. Also on the off chance that those that support no regulation, can educate themselves on these predators.
 
JANFU said:
I know we do not disagree. I was posting for the same reason. Also on the off chance that those that support no regulation, can educate themselves on these predators.
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There is already regulation, we just don't agree that these businesses are predatory.
 
And the polling remains positive!!
 
Cephus said:
There is already regulation, we just don't agree that these businesses are predatory.
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They are using a predatory pricing model. Who is the victim, the poor.
Really no other way of looking at it.
 
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JANFU said:
They are using a predatory pricing model. Who is the victim, the poor.
Really no other way of looking at it.
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The poor have EARNED that pricing model by proving to be so completely and totally unreliable. Geez, you are clueless, aren't you?
 
Cephus said:
The poor have EARNED that pricing model by proving to be so completely and totally unreliable. Geez, you are clueless, aren't you?
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When insults fly, it is generally a sign that a persons point is not valid.

What else have the poor "earned"?
Perhaps laws and regulations should be based upon certain qualifications and abilities.
 
JANFU said:
When insults fly, it is generally a sign that a persons point is not valid.

What else have the poor "earned"?
Perhaps laws and regulations should be based upon certain qualifications and abilities.
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Or that the other individual has proven themselves not to be able to speak rationally, hence there's no point in trying to convince them. That's you, pal.
 
Cephus said:
Or that the other individual has proven themselves not to be able to speak rationally, hence there's no point in trying to convince them. That's you, pal.
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Not speak rationally- really, where? Was it 1 post, or a number of posts.
 
j-mac said:
I think they are criminal.
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Not sure if I have this exactly right- A society is judged by how they treat their young, elderly, the weak & those that need protection.
Those that defend this predation on the poor seem to have set this aside.
Their scorn towards the working poor is something they should reflect upon.
 
j-mac said:
What exactly would be "predatory" if not this model?
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Who is forcing these people through the doors? Seems that everyone is willing to get into this arrangement. Where is the force? By the definition of the word, it is "seeking to exploit or oppress others". You can't oppress or exploit the willing. Try again.
 
JANFU said:
Not sure if I have this exactly right- A society is judged by how they treat their young, elderly, the weak & those that need protection.
Those that defend this predation on the poor seem to have set this aside.
Their scorn towards the working poor is something they should reflect upon.
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Well, I don't think it is "scorn" against the poor, or working poor per se, but rather a knee jerk reaction to protect the free flow of business, and fear that even more regulation on such a pariah as the payday loan/title loan industry is seen as further encroachment on that free flow. However, even I as a conservative/small government guy, can not in good conscience, stand by, knowing this industry as I have seen it through a family members eyes that worked in the industry, say that it is what conservatives want to protect...

I have seen elderly people come in to these places borrowing money to buy their medication, and get caught up in the practices of roll over that put them in a real bind....As to what the answer is to these places, I don't know, but I know that these places are real scum, and need to go away.

I would ask my friends arguing in favor of these places...If they serve such a purpose, then why do you only see them crop up in the worst parts of a city or town? Why are there none of these places in better off areas? The answer is clear, because they prey on the less fortunate in society, that's why.
 
Cephus said:
Who is forcing these people through the doors? Seems that everyone is willing to get into this arrangement. Where is the force? By the definition of the word, it is "seeking to exploit or oppress others". You can't oppress or exploit the willing. Try again.
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The "force" is in a promise of "easy money"... A lure that is hard to turn down when financially people are in trouble. The exploitation is in the confiscatory interest rates on payback that keeps them trapped in the cycle of paying interest while never paying off the original debt.

I understand your feelings of people getting themselves in this mess, but let's think for just a moment about who, and what areas these businesses target...Usually, less educated, day work areas, that maybe don't make the best decisions to begin with. Not bad people, just uninformed...

So, if I get where you are coming from, they make poor decisions, so screw em'! I'm sorry, I am just not that callous. I don't like government regulation anymore than you do for legitimate business...I am just not sure these places are legit.
 
Cephus said:
The poor have EARNED that pricing model by proving to be so completely and totally unreliable. Geez, you are clueless, aren't you?
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Yes, I agree. The most vulnerable people deserve to have that vulnerability targeted!
 
Deuce said:
Yes, I agree. The most vulnerable people deserve to have that vulnerability targeted!
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They're the ones who have cut off all of their other options by being irresponsible. So now you want even this option removed? What will you replace it with? The need isn't going to go away, just because *YOU* don't like it.
 
Looking at those poll numbers, at least on this issue, there are some tight screws at DP.
 
Cephus said:
They're the ones who have cut off all of their other options by being irresponsible. So now you want even this option removed? What will you replace it with? The need isn't going to go away, just because *YOU* don't like it.
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Does it need to be 400 + % in some cases?
 
j-mac said:
Does it need to be 400 + % in some cases?
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Except it's never 400%, that's a mathematical game made by people who have an agenda. It is 15%. That's it. It is never an annual percentage rate because the individual loans are 2 weeks. That's all. Anyone who tells you different is a liar and anyone who believes different is an idiot.
 
Cephus said:
Except it's never 400%, that's a mathematical game made by people who have an agenda. It is 15%. That's it. It is never an annual percentage rate because the individual loans are 2 weeks. That's all. Anyone who tells you different is a liar and anyone who believes different is an idiot.
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Just like North Korea is the "People's Democratic Republic," and anyone who claims otherwise simply has an agenda. :roll:
 
Cephus said:
Except it's never 400%, that's a mathematical game made by people who have an agenda. It is 15%. That's it. It is never an annual percentage rate because the individual loans are 2 weeks. That's all. Anyone who tells you different is a liar and anyone who believes different is an idiot.
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Look, I have posted it at least twice now. My wife when we first moved here to SC worked for a payday loan place. Their payment schedules are posted right on the wall when you walk in to these places. and they list the amounts you can write a check for ie; $500. with a two week payback of $575. and on the very last column it clearly states an A.P.R. or 400 + %.... So, don't try to tell me what it is.

Their whole model is dependent on people writing, and rolling over these agreements. In fact, when my wife would try to help people out by informing them that they could actually go in before the due date and request that their payback be split into three bi weekly payments to pay it off, she was reprimanded.

So, "idiot"? no....Seem's you are the one jumping to conclusions about what, or not others know about this business....

But I don't remember an actual answer to my question...Do you Cephus find it ethically responsible business wise to screw people at 400% interest rates? You think that is 'above board'?
 
j-mac said:
Look, I have posted it at least twice now. My wife when we first moved here to SC worked for a payday loan place. Their payment schedules are posted right on the wall when you walk in to these places. and they list the amounts you can write a check for ie; $500. with a two week payback of $575. and on the very last column it clearly states an A.P.R. or 400 + %.... So, don't try to tell me what it is.

Their whole model is dependent on people writing, and rolling over these agreements. In fact, when my wife would try to help people out by informing them that they could actually go in before the due date and request that their payback be split into three bi weekly payments to pay it off, she was reprimanded.

So, "idiot"? no....Seem's you are the one jumping to conclusions about what, or not others know about this business....

But I don't remember an actual answer to my question...Do you Cephus find it ethically responsible business wise to screw people at 400% interest rates? You think that is 'above board'?
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Since you used this example, and are tying it to the offensive figure of 400%, take the 400% APR out of it for a minute.

You borrow $500 for 2 weeks. You pay a $75 fee to borrow that money. What should the appropriate fee be for borrowing someone else's money because you desperately need it and don't have it?
 
tres borrachos said:
Since you used this example, and are tying it to the offensive figure of 400%, take the 400% APR out of it for a minute.

You borrow $500 for 2 weeks. You pay a $75 fee to borrow that money. What should the appropriate fee be for borrowing someone else's money because you desperately need it and don't have it?
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I believe that usury laws when they existed, or were enforced were somewhere around 29.9% APR....And I seem to recall that investments that pay around 16% will result in tripling the initial investment...So, why the rush to absolutely crush those who get involved with this kind of borrowing? I don't get it...I am a conservative, but this business bothers me a great deal.
 
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