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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #181
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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.
    I dont know....for $500 for an emergency? Will a bank do that in about an hour? Are there penalties there as well if you pay the money back within, say 1 week or 2?

    And did Tres B say that the payday loans arent reported to the credit bureaus? So that could be a positive thing.....there are many cases where certain inquries into your credit...like your bank...actually affect your credit rating.
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  2. #182
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    I wouldn't say the lenders aren't reputable, it's the people that aren't reputable, that's why they have to pay so much, just like people with terrible credit scores have to pay a lot to get a credit card. If they were responsible, they could get lower rates.
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  3. #183
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Like I said, my wife worked for one, and yes they can tell if you have another one out already.
    How? They don't report to the credit bureaus.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  4. #184
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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
    Greetings, j-mac.

    How do the Payday Lenders get their money back if a person can't repay the loan? Can they garnish wages, or would you have to leave some kind of collateral with them at the time you get the loan? Do they turn people down? I ask because if the borrower is unable to get a loan anywhere else, there must be a reason for that. Do they cut a check on the spot - perhaps because of an immediate problem like getting car repairs done, and banks take a few days, or something else, like just running out of money before the next job paycheck arrives? Interesting subject...

  5. #185
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lursa View Post
    I dont know....for $500 for an emergency? Will a bank do that in about an hour? Are there penalties there as well if you pay the money back within, say 1 week or 2?

    And did Tres B say that the payday loans arent reported to the credit bureaus? So that could be a positive thing.....there are many cases where certain inquries into your credit...like your bank...actually affect your credit rating.
    Most of these people don't want $500 for an emergency, they want money to put food on the table and gas in the tank. This is an ongoing problem, they are living beyond their means and not paying the rest of their bills either.
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  6. #186
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    I wouldn't say the lenders aren't reputable, it's the people that aren't reputable, that's why they have to pay so much, just like people with terrible credit scores have to pay a lot to get a credit card. If they were responsible, they could get lower rates.
    Yeah my use of the word "reputable" wasn't right.

    All lending is based on risk. The higher the risk, the higher the rate. That's been the case for centuries. Risk based pricing is very common.
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  7. #187
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    How? They don't report to the credit bureaus.
    I have no idea. Granted, my last experience with this was 15 years ago when I helped the friend of a friend set up a payday advance franchise and went through all of the training and legal stuff, but at that time at least, there was no way to know, nobody reported to credit bureaus and competitors would hardly talk to each other. Maybe they've got friends in other companies or other stores, but with online payday places too, there's no way to be sure so far as I know.
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  8. #188
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, j-mac.

    How do the Payday Lenders get their money back if a person can't repay the loan? Can they garnish wages, or would you have to leave some kind of collateral with them at the time you get the loan? Do they turn people down? I ask because if the borrower is unable to get a loan anywhere else, there must be a reason for that. Do they cut a check on the spot - perhaps because of an immediate problem like getting car repairs done, and banks take a few days, or something else, like just running out of money before the next job paycheck arrives? Interesting subject...
    Payday lenders deposit money into your account in hours. That's why most of them require that you have a bank account.

    Most of them don't require collateral - just that you be 18, have some income ($800 a month is the usual minimum requirement), and a bank account. They can collect the money the same way any lender can.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #189
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, j-mac.

    How do the Payday Lenders get their money back if a person can't repay the loan? Can they garnish wages, or would you have to leave some kind of collateral with them at the time you get the loan? Do they turn people down? I ask because if the borrower is unable to get a loan anywhere else, there must be a reason for that. Do they cut a check on the spot - perhaps because of an immediate problem like getting car repairs done, and banks take a few days, or something else, like just running out of money before the next job paycheck arrives? Interesting subject...
    Yes, they can garnish wages, they can sue them, they can use agencies that chase people around and get money back, but it's difficult and a great number of those loans just get written off. And absolutely they turn lots of people down, you have to have a demonstrable source of income, you have to be able to prove where you live and you have to have a number of references who will vouch for you. This typically takes an hour or so on the phone, but not everyone qualifies.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    I have no idea. Granted, my last experience with this was 15 years ago when I helped the friend of a friend set up a payday advance franchise and went through all of the training and legal stuff, but at that time at least, there was no way to know, nobody reported to credit bureaus and competitors would hardly talk to each other. Maybe they've got friends in other companies or other stores, but with online payday places too, there's no way to be sure so far as I know.
    They still don't report to the credit bureaus. Just like if you went to a bank and got a bridge loan (30 days or less), it won't be reported to any of the bureaus either.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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