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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #151
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    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.
    Then they're idiots. If you want to regulate and make that impossible, fine by me. However, you're looking at it entirely wrong. It isn't a single 24-week loan, it's 12 2-week loans. Each loan is separate and needs to be considered that way. It is blatantly dishonest to consider all of these the same loan and run them together, just because they happen consecutively.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Then they're idiots. If you want to regulate and make that impossible, fine by me. However, you're looking at it entirely wrong. It isn't a single 24-week loan, it's 12 2-week loans. Each loan is separate and needs to be considered that way. It is blatantly dishonest to consider all of these the same loan and run them together, just because they happen consecutively.
    Its a rollover, they pay the interest and just roll over the loan. Its like a revolving credit card with an APR in the triple digits. Moreover its how those payday lenders make their money, they depend upon borrowers rolling over again and again and again.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Its a rollover, they pay the interest and just roll over the loan. Its like a revolving credit card with an APR in the triple digits. Moreover its how those payday lenders make their money, they depend upon borrowers rolling over again and again and again.
    However, it is treated just like a new loan. They give you the interest, the old loan is closed out, a new loan is generated and another 2-week timer is started. It can only be a rollover if it remains the same loan, which it never does. Try again.
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  4. #154
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
    It's hard not to be judgemental but arent most people that use these places in this position because they already did all this spending and not paying back and getting in deeper and deeper? This only seems like more of the same, not an 'alternative' to a bank. Not all of course, sometimes people really get into a scrape or emergency.

    But they do seem beyond 'doing business' and more predatory.
    Quote Originally Posted by Bucky View Post
    I have felt pain when I was in the womb. So when you say they are incapable of feeling pain, that is based on junk science.
    Quote Originally Posted by applejuicefool View Post
    A murderer putting a bullet through someone's brain is a medical procedure too.

  5. #155
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    But that makes no sense, again, because most states have very strict rules on maximum amounts of payday loans, and I think the highest amount is $1500. Gamblers make up a percentage, but so do smokers, shoppers, people with cars, gum chewers, etc.
    Cant they just go to more than one lender to get more $$?
    Quote Originally Posted by Bucky View Post
    I have felt pain when I was in the womb. So when you say they are incapable of feeling pain, that is based on junk science.
    Quote Originally Posted by applejuicefool View Post
    A murderer putting a bullet through someone's brain is a medical procedure too.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by American View Post
    That's pretty good, thanks.

    It probably wont help the gambling addicts but otherwise counseling and discussing with creditors is a good idea and it helps people to have someone guide them thru the process.
    Quote Originally Posted by Bucky View Post
    I have felt pain when I was in the womb. So when you say they are incapable of feeling pain, that is based on junk science.
    Quote Originally Posted by applejuicefool View Post
    A murderer putting a bullet through someone's brain is a medical procedure too.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Lending small sums of money at exorbitant interest rates for short periods of time was once considered a social problem requiring the solution of usury and small loan laws. However, payday lenders have persuaded nineteen states to legalize triple digit interest short-term lending and are pressing the remaining states to make payday loans legitimate.

    Payday lending has exploded in the last few years. Colorado is one of the few states with an industry-wide annual report available. For 1997, the Attorney General reported that 188 lenders made 374,477 post-dated check loans totaling $42,823,089. The average annual percentage rate charged on these loans was 485.26%. The average term for loans was 16.58 days. Over 58,000 of these loans, or 15.5%, were refinanced. For the year ended 12/31/97, Washington reported 562,031 loans made by check cashers. These loans were for a total of $144,923,986. The average size loan was $255. Lenders collected $21,541,338 in fees and charged off $2,054,338. Indiana reports that the number of payday lenders jumped from 11 in 1995 to 59 in 1997, with loan volume increasing from $12,688,599 in 1995 to $98 million in 1997.

    DFI: A Report on the Payday Loan Industry
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    I was forced to take out a payday loan once. I borrowed $200, Had to pay back $421. I learned, never again. They kept sending me options to roll over, yada yada, No way. They are skummy, but I learned.
    Give a man a fish and he can eat for a day. Teach a man to fish and he can sit in a boat, drinking beer all day while you fool around with his Woman.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    However, it is treated just like a new loan. They give you the interest, the old loan is closed out, a new loan is generated and another 2-week timer is started. It can only be a rollover if it remains the same loan, which it never does. Try again.
    The industry calls them rollovers. Moreover, you are engaging in a purely semantics argument. What difference does it make whether its technically a new loan or not as the interest and fees accumulate just the same.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    The industry calls them rollovers. Moreover, you are engaging in a purely semantics argument. What difference does it make whether its technically a new loan or not as the interest and fees accumulate just the same.
    But they do not accumulate. The fees don't get higher and higher, they must be paid every 2 weeks in order to get the "rollover". You need to walk your butt into that office every two weeks with cash in hand and sign a completely new agreement to keep doing that. I don't care what they call them, I care that there are 26 entirely separate signed agreements a year, not just one.
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