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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #161
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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.
    Or like paying "the vig" to a loan shark
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lursa View Post
    Cant they just go to more than one lender to get more $$?
    No. You can only have 1 at a time
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    No. You can only have 1 at a time
    Hardly. There isn't a national database of payday loans, at least not that I know of. Sure, the agreement asks if you have any loans outstanding elsewhere. All you have to do is say no. There's no way of telling if you have 100 of them out or not.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    No. You can only have 1 at a time
    Interesting...the payday loan places check to see if you have gone to other places?

    Edit: neva mind...saw Cephus's post.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Hardly. There isn't a national database of payday loans, at least not that I know of. Sure, the agreement asks if you have any loans outstanding elsewhere. All you have to do is say no. There's no way of telling if you have 100 of them out or not.
    Don't the credit reporting agencies hear about it when you take out a loan?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Don't the credit reporting agencies hear about it when you take out a loan?
    Not when you take them out with payday lenders. They don't report.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    No. You can only have 1 at a time
    Not so. You can take out as many as you want with any of them that will give one to you.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Don't the credit reporting agencies hear about it when you take out a loan?
    Not as far as I know. Besides, none of these companies pull credit reports, that's their big selling point, no credit required.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lursa View Post
    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.
    The only people that use payday lenders are people who can't get credit anywhere else. Yes, they should not be taking a loan anywhere but if they need $500 to fix the car, and won't have that until next payday, that's where they have to go.

    It is an alternative to a bank, if it's the only place you can borrow money until payday. If I was ever in that position (doG forbid) I'd borrow from a friend or a relative, or sell some silver or jewelry, before I went to one of those lenders, but not everyone can do that.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Not as far as I know. Besides, none of these companies pull credit reports, that's their big selling point, no credit required.
    Correct - and they don't report to the agencies either. Some of them do check credit but not many.
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