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  • Regulate - Yes

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

  1. #171
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by gdgyva View Post
    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
    Your managers only have to go through training once every 3 years to stay within regulations and Truth In Lending (not truth and lending)? Not going to ask you what business you're in, but any lender has to stay on top of regulations every day - and the lending laws have changed multiple times in the last 3 years. Every lender has to have a compliance officer as well as a risk officer to ensure all federal and state regulations are being followed always.
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  2. #172
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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.
    The borrower has to sign a new agreement. Payday loans aren't evergreen loans.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  3. #173
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Then why not just legalize loan sharks then?
    Rhetorical question? I don't know. The government is the one who made loan sharks illegal, I think.

    I'm sure most people would rather go to a lender that has some semblance of decorum than Vinnie and his boys. I never heard of payday lenders breaking kneecaps or leaving horse heads in beds when the debt wasn't paid.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  4. #174
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Correct - and they don't report to the agencies either. Some of them do check credit but not many.
    Anyone who had decent credit wouldn't be at these places in the first place, they'd go to an actual bank or credit union and get a loan.
    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 tres borrachos View Post
    Rhetorical question? I don't know. The government is the one who made loan sharks illegal, I think.

    I'm sure most people would rather go to a lender that has some semblance of decorum than Vinnie and his boys. I never heard of payday lenders breaking kneecaps or leaving horse heads in beds when the debt wasn't paid.
    Loan sharks are not regulated, nor do they operate within the law, that's why they're illegal. Payday loans are regulated and they do operate within the law. It's too bad some people are so blinded by their agenda to tell the difference.
    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 Cephus View Post
    Anyone who had decent credit wouldn't be at these places in the first place, they'd go to an actual bank or credit union and get a loan.
    Yup. That's the thing. Anyone who can get a loan from a reputable lender wouldn't go to a payday lender. The people who are there are there because they screwed up and trashed their own credit. There's a price to pay for not paying your lender back as agreed and on time.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  7. #177
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Loan sharks are not regulated, nor do they operate within the law, that's why they're illegal. Payday loans are regulated and they do operate within the law. It's too bad some people are so blinded by their agenda to tell the difference.
    I see it all the time, and I'm seeing it in this thread.

    It's always someone else's fault. "I'm a victim of the predator."

    WTF ever happened to personal responsibility? Pay your bills on time and as agreed, and you can get cheap credit at your local bank or credit union. Don't do that...you pay the price. And Uncle Sam is still looking out of you if you have to go to Payday Lender Central.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  8. #178
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    I see it all the time, and I'm seeing it in this thread.

    It's always someone else's fault. "I'm a victim of the predator."

    WTF ever happened to personal responsibility? Pay your bills on time and as agreed, and you can get cheap credit at your local bank or credit union. Don't do that...you pay the price. And Uncle Sam is still looking out of you if you have to go to Payday Lender Central.
    I am glad that predatory loans with high interest are getting hit the same place they have been taking advantage of consumers...They will probably make up the difference with higher fees and lower interest...

  9. #179
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Moonglow View Post
    I am glad that predatory loans with high interest are getting hit the same place they have been taking advantage of consumers...They will probably make up the difference with higher fees and lower interest...
    Or those consumers can start paying their debts on time and as agreed in the contracts they signed, and then they can get low interest loans at banks and credit unions like the other consumers who pay their bills do.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  10. #180
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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.
    Like I said, my wife worked for one, and yes they can tell if you have another one out already.
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