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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #141
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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.
    And statistically 80% of those loans get rolled over well past the 14 days. CFPB Finds Four Out Of Five Payday Loans Are Rolled Over Or Renewed > Newsroom > Consumer Financial Protection Bureau

    Those that utilize payday lenders routinely roll over loans and stay in debt as much as 11 months. Its not uncommon for their fees to exceed the amount borrowed. If we are going to allow payday lenders why not just say to hell with it and legalize loan sharks.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

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

    Usury Rate Summary
    I didn't ask you what the usury laws are. I asked you what state you're talking about where a bank can charge whatever they want for an interest rate at the state says "no problem".
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    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.
    They would be "better off" not getting the loan? Then set up a fund to help the poor people. For the people with bad credit, this is the only way they can borrow money quickly for an emergency until their next paycheck comes in.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  4. #144
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    I didn't ask you what the usury laws are. I asked you what state you're talking about where a bank can charge whatever they want for an interest rate at the state says "no problem".
    I gave you the list that includes my state and many others. Apparently you do not understand the concept.

  5. #145
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by gdgyva View Post
    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
    The APR is advertised because it's a law. The Fair Credit Reporting Act (FCRA) requires disclosure of the APR for comparison purposes, so the applicants can compare loan APRs between lenders.

    The APR isn't terribly relevant to someone who needs $1000 and pays it back when he gets his next paycheck, which is what the purpose of payday loans are.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Declan View Post
    I gave you the list that includes my state and many others. Apparently you do not understand the concept.
    I understand it quite well, better than probably anyone else on this board except maybe an attorney who is an expert on lending regulations. I asked you what your state is.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    They would be "better off" not getting the loan? Then set up a fund to help the poor people. For the people with bad credit, this is the only way they can borrow money quickly for an emergency until their next paycheck comes in.
    Yes they would be better off not getting a loan at an exorbitant interest rate to pay for expenses they cannot pay for now due to insufficient income against their future earnings that will be just as insufficient.

    Look at the stats on payday loans. Some 80% are rolled over. Many end up paying back more in interest and fees than they borrowed in the first place and many take as many as 11 months to get out of debt for a single payday loan. It is nothing more than a deal with the devil for most of them.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Yes they would be better off not getting a loan at an exorbitant interest rate to pay for expenses they cannot pay for now due to insufficient income against their future earnings that will be just as insufficient.

    Look at the stats on payday loans. Some 80% are rolled over. Many end up paying back more in interest and fees than they borrowed in the first place and many take as many as 11 months to get out of debt for a single payday loan. It is nothing more than a deal with the devil for most of them.
    And I'm focusing on the 20% who take the loans knowing exactly what they're doing. It isn't their problem.

    I don't believe in regulations because some people are too dumb to do the right thing.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #149
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    And I'm focusing on the 20% who take the loans knowing exactly what they're doing. It isn't their problem.

    I don't believe in regulations because some people are too dumb to do the right thing.
    Then why not just legalize loan sharks then?
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    The APR is advertised because it's a law. The Fair Credit Reporting Act (FCRA) requires disclosure of the APR for comparison purposes, so the applicants can compare loan APRs between lenders.

    The APR isn't terribly relevant to someone who needs $1000 and pays it back when he gets his next paycheck, which is what the purpose of payday loans are.
    tres

    are you responding to me, or to him?

    i am very aware of the lending laws...i live them on a daily basis

    everyone of my managers has to go through additional training every three years, to make sure we stay within all rules and regulations of the truth and lending laws

    he was arguing that my calculation of over 300% was idiotic, because it was only a short term loan

    what he failed to comprehend, is that the every loan...no matter the amount, time, or type is regulated....and all have to include disclosures of interest paid on an ANNUAL BASIS
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

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