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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #131
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    No, actually they don't, and they won't, because rational minds will rule the day on this and regulation is on its way.
    It's funny how you equate "rational minds" and "government. Really.
    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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  2. #132
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by gdgyva View Post
    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

    the only thing idiotic was your response
    Oh good, you're basing your funny math on a site dedicated to opposing payday loans. Sure, that's kosher.
    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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  3. #133
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    The point is they would be better off not getting the loan with the terms it has. Its predatory any way you spin it. Its not like poor people are staving in states and communities that ban payday lenders.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  4. #134
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Oh good, you're basing your funny math on a site dedicated to opposing payday loans. Sure, that's kosher.
    A payday loan — that is, a cash advance secured by a personal check or paid by electronic transfer is very expensive credit. How expensive? Say you need to borrow $100 for two weeks. You write a personal check for $115, with $15 the fee to borrow the money. The check casher or payday lender agrees to hold your check until your next payday. When that day comes around, either the lender deposits the check and you redeem it by paying the $115 in cash, or you roll-over the loan and are charged $15 more to extend the financing for 14 more days. If you agree to electronic payments instead of a check, here’s what would happen on your next payday: the company would debit the full amount of the loan from your checking account electronically, or extend the loan for an additional $15. The cost of the initial $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

    Payday Loans | Consumer Information

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  5. #135
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by gdgyva View Post
    A payday loan — that is, a cash advance secured by a personal check or paid by electronic transfer is very expensive credit. How expensive? Say you need to borrow $100 for two weeks. You write a personal check for $115, with $15 the fee to borrow the money. The check casher or payday lender agrees to hold your check until your next payday. When that day comes around, either the lender deposits the check and you redeem it by paying the $115 in cash, or you roll-over the loan and are charged $15 more to extend the financing for 14 more days. If you agree to electronic payments instead of a check, here’s what would happen on your next payday: the company would debit the full amount of the loan from your checking account electronically, or extend the loan for an additional $15. The cost of the initial $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

    Payday Loans | Consumer Information

    education, and the ability to comprehend are wonderful things

    if you cant get it from here, you are hopeless
    It's not an annual percentage rate because the term of the individual loan is 14 days. Try again.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

    Blog me! YouTube me! VidMe me!

  6. #136
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    It's funny how you equate "rational minds" and "government. Really.
    Its rational minds like the ones participating in this thread (exhibit A: the polling numbers) that press the government on things like this.
    Killing one person is murder, killing 100,000 is foreign policy

  7. #137
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    It's not an annual percentage rate because the term of the individual loan is 14 days. Try again.

    no thanks

    as my father use to exclaim, you can lead a horse to water, but you cant make em drink

    get someone else to play.....

    math and finance seem to be over your head.......

    and let me know if you ever see any loan advertised anywhere where the APR (annual percentage rate) isnt disclosed
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

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  8. #138
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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?
    You know googling "usury laws by state" is not that hard

    Usury Rate Summary

  9. #139
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Fearandloathing View Post
    I seriously doubt that. I very much doubt that any individual can charge interest on a private, unregistered loan.
    And yet another person who just assumes they know without actually investigating it

    Usury Rate Summary

  10. #140
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    It's not an annual percentage rate because the term of the individual loan is 14 days. Try again.
    It is a predatory business model.
    Figure the interest - fees any way you wish- it is predatory- if there was not gold in them hills, there would not be so many in the business.
    Reason we have laws, regulations to protect people. At times from themselves, yes but that does not detract from the necessity of such laws/regulations.
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    Hillary is the only defense I or anyone else needs.
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    Not once have I showed my dick to a woman and she thought it was creepy. In fact, in 100% of the cases, they were pretty excited about it. I don't know who you're showing your **** too.

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