View Poll Results: Pay day loans

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  • Regulate - Yes

    36 81.82%
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    7 15.91%
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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #121
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by gdgyva View Post
    40 300 14 days
    13.33% 0.95% 342.86%


    actually it exceeds 300% if my math is correct

    $ 40 charge over 14 days equates to a daily rate of .95% x 360 days most banks use for a calculation = 342.86%

    someone can check my math, but i believe i am right

    these are predatory lending places....i hate them and the car title places

    but....should they be regulated?

    no....if you going there you have no other options.....and it is always buyer beware
    That's idiotic. The only way for the interest to be 300% is to charge $900 for a loan of $300. Try again.
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  2. #122
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    I'm well aware of the various reasons why people sometimes end up with a 525 credit score. It's not ALL an issue of irresponsibility. Furthermore, some people have 90 IQ's and some have 140 IQ's, some people leave college with a 2.7 and a few leave with 4.0. Regulation is about protecting people, not about punishing or holding people back.
    Only a fool tries to protect people from their own irresponsibility or stupidity. You can protect them from being taken advantage of. Nobody is taking advantage of these people, they made their own bed, now they have to lie in it.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Erod View Post
    I do not deny that. But the more regulations on interest rates, the more selective they'll be about who to loan to.
    As it should be. You can't convince me that a rate of 342%A.P.R isn't usury.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    At the price that the people who desperately need the money for a short term are willing to pay.
    Rarely is it "short term"
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Rarely is it "short term"
    It's always short term. That's what a payday loan is. The people who borrow the short term loan even though they're not able to pay it back are the ones who start the process of rolling.
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  6. #126
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Only a fool tries to protect people from their own irresponsibility or stupidity. You can protect them from being taken advantage of. Nobody is taking advantage of these people, they made their own bed, now they have to lie in it.
    No, actually they don't, and they won't, because rational minds will rule the day on this and regulation is on its way.
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  7. #127
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    So replace them with actual credit/budget counseling and not those working for the debt collectors
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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  8. #128
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    That's idiotic. The only way for the interest to be 300% is to charge $900 for a loan of $300. Try again.
    So, How do you Calculate the True Annual Percentage
    Rate on a Payday Loan?
    You will need to know three things before you start, as follows:
    First, what is the amount of credit the borrower will receive (Amount Financed) = i.e., $350.00.
    Second, what is the dollar amount the credit will cost (Finance Charge) = i.e., $50.00.
    Third, what is the term of the loan = i.e., 14-days.
    Step 1 – Divide the total Finance Charge ($50.00) by the Amount Financed - the amount the
    borrower will receive ($350.00) = 0.142857.
    Step 2 – Multiply the answer (0.142857) by the number of days in the year (365) = 52.142857.
    Step 3 – Divide the answer (52.142857) by term of the loan (14-days) = 3.724489.
    Step 4 – Move the decimal point to the right two places and add a percent sign = 3.724489
    becomes 372.45% Annual Percentage Rate (see note below).
    What if you Know the Cost per $100.00 and Want to
    Convert That to a True Annual Percentage Rate?
    You will need to know three things before you start, as follows:
    First, what is the amount of credit the borrower will receive (amount Financed) = i.e., $500.00.
    Second, what is the cost for the loan per hundred = i.e., $20.00 or 20%.
    Third, what is the term of the loan = i.e., 14-days.
    Step 1 – Divide the Amount Financed - amount the borrower will receive ($500.00) by 100 = 5.
    Step 2 – Multiply the answer (5) by the amount per hundred ($20.00 or 20%) to find the total
    Finance Charge = $100.00.
    Step 3 – Divide the total Finance Charge ($100.00) by the amount the borrower will receive
    ($500.00) = 0.2.
    Step 4 – Multiply the answer (0.2) by the number of days in the year (365) = 73.
    Step 5 – Divide the answer (73) by term of the loan (14-days) = 5.214285.
    Step 6 – Move the decimal point to the right two places and add a percent sign = 5.214285
    becomes 521.43% Annual Percentage Rate (see note below).
    Note: Annual Percentage Rate always has no more than two places to the right of the decimal point.

    http://www.stoppaydaypredators.org/p...l_howtocal.pdf


    maybe, just maybe you might want to listen up once in a while

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  9. #129
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    If you need a loan then ensure you can pay it back. As long as there is no lying on the part of creditors about rates of paying back, I see no issue. If people are dumb enough to take out a loan at 300%, sorry, but nothing the government can do will help you.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    So replace them with actual credit/budget counseling and not those working for the debt collectors
    There are credit counseling agencies all over the country. In every state. HUD counseling. Debt consolidation programs. Debt management programs. Under the FCRA and also Reg B there are very often Consumer Counseling agencies recommended in Adverse Action Notices. These agencies exist already.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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