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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #111
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    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.
    I am not sure of the point you are trying to make. The reason for a clamp down is because these outfits prey on people already in financial trouble, I doubt anyone not in financial trouble, i.e. eligible for a bank loan, employer advance would go there in the first place.

    So your conclusion is the reason we are having this conversation in the first place
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Fearandloathing View Post
    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....
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Anyone else catch the John Oliver segment below, it's pretty good. I like the state representative who argues for them as the little guys, while also owning more than a couple of his own.


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  4. #114
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Fearandloathing View Post
    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
    I know what the law is. HArd money lending has a cap on the interest rate. Interest is not prohibited.

  5. #115
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Fearandloathing View Post
    I am not sure of the point you are trying to make. The reason for a clamp down is because these outfits prey on people already in financial trouble, I doubt anyone not in financial trouble, i.e. eligible for a bank loan, employer advance would go there in the first place.

    So your conclusion is the reason we are having this conversation in the first place
    Luther is/was arguing that it's mainly people gambling that go to payday lenders, when the reality of the situation is different and actually has more to do with a lack of funds generally and is not related to gambling.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Declan View Post
    I know what the law is. HArd money lending has a cap on the interest rate. Interest is not prohibited.
    I seriously doubt that. I very much doubt that any individual can charge interest on a private, unregistered loan.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Mr. Invisible View Post
    Luther is/was arguing that it's mainly people gambling that go to payday lenders, when the reality of the situation is different and actually has more to do with a lack of funds generally and is not related to gambling.
    Sorry, that does not clear up the situation at all. Luther has been identifying various TYPES of hardships as, not the lack of them. The issue i that these people are already in trouble, the shops do not create it but aggravate it.

    You directly implied the former. There are degrees of magnitude difference in that, if they were creating the hardship in the first place, like old pawnshop practices you shut them down all together.
    ""You know, when we sell to other countries, even if they're allies -- you never know about an ally. An ally can turn."
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    One city's attempt to deal with the problem:

    "Payday loan lenders often require repayment in two weeks at an interest rate that can add up to over 400 percent annually, according to the Center for Responsible Lending. Payday Plus SF offers an alternative. The loans range from $50 to $500, at a maximum annual percentage rate of 18 percent, and can be paid off in 12 months. The program was unveiled today at a press conference attended by District 9 Supervisor David Campos, Mayor Gavin Newsom, City Treasurer Jose Cisneros and Congresswoman Jackie Speier. “As mayor I want to get rid of them,” Newsom said, referring to the payday lenders, but acknowledging the need for quick cash to meet unexpected expenses, “they need to exist in the absence of an alternative.” While the city cannot shut down payday lenders, Cisnersos said this program is intended to provide just that alternative, to help families “get out of the debt cycle” and “provide access to healthy financial institutions Payday Plus SF will give loans at a “non-predatory rate” of 18 percent maximum interest – something that both Newsom and Campos, in a rare moment of agreement between the two, indicated that they would like to decrease further..." A New Hope? Payday Plus SF Offers Loan Alternative - Local: In The Mission

    Website for the program: Payday Plus SF | A safe alternative to payday loans, sponsored by the SF Office of Financial Empowerment

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Declan View Post
    I know what the law is. HArd money lending has a cap on the interest rate. Interest is not prohibited.
    What state are you talking about where a bank can charge interest that's many time higher than an individual can charge for a private loan?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    I would make exactly 1 change to the current system. I would bar Payday Loan and Title Lenders access to the courts for collections of fee's. Period. Charge whatever stupid rates you want to charge. If your customers choose to not pay you back...thats on you. Therefore it would behoove you to make it workable.

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