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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #11
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Banks don't make loans to people who are massive credit risks. And anyone with good credit can get short term loans and credit lines.
    Years ago a bank manager had the authority to make loans on the spot. That has changed. Now the info is input, goes thru a process, the program used by the bank, rates as a poor risk, loan /line of credit denied.
    Just the facts.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Years ago a bank manager had the authority to make loans on the spot. That has changed. Now the info is input, goes thru a process, the program used by the bank, rates as a poor risk, loan /line of credit denied.
    Just the facts.
    Bank managers still have lending authority on the spot is that's the bank's business model, which it is for most community banks and credit unions. That doesn't have anything to do with payday lending though. Banks can't and won't make high risk loans anymore.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    My opinion -Pay day loans prey upon the poor- but where else can they turn - banks- forget it.
    http://dealbook.nytimes.com/2015/02/...enders/?ref=us

    In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 percent.

    Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.
    Long ago issue here...

    Regardless of whether they prey on the poor, addicted, gambing addicted, sex addicted or stupid, money begs regulation. Evidence has shown usury rates of 200% and collection techniques that would peel paint.

    It is not only a problem for the poor and addicted, but employers who employ them as they are now getting 15 to 35% less than what you pay them. People worried and hungry are not good workers.

    The economic cases alone proves the need.

    Should Washington, prone to shut down for political purposes and maneuvered by lobbyists be the ones to regulate? I am not sure
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Bank managers still have lending authority on the spot is that's the bank's business model, which it is for most community banks and credit unions. That doesn't have anything to do with payday lending though. Banks can't and won't make high risk loans anymore.
    These people pay back, the numbers show a high rate of return- why else would these vultures survive. The banks will have nothing to do with them.
    I know a number of bank managers as friends - I am not speaking from the cuff.
    There is no real money in these people and they have no where to turn except the vultures.
    Quote Originally Posted by Fenton View Post
    Hillary is the only defense I or anyone else needs.
    Quote Originally Posted by apdst View Post
    Not once have I showed my dick to a woman and she thought it was creepy. In fact, in 100% of the cases, they were pretty excited about it. I don't know who you're showing your **** too.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Link please.
    Gambling and Payday Loans
    BBC Sport - Gambling footballers take out payday loans - Sporting Chance

    I also did the books for a payday loan chain for a while.

    Also, if you're really a glutton for punishment, try some of the links in this search - https://search.yahoo.com/yhs/search;...&b=11&pstart=5

    Fair warning, most of them are to sites soliciting payday loans specifically to gamblers.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Fearandloathing View Post
    Long ago issue here...

    Regardless of whether they prey on the poor, addicted, gambing addicted, sex addicted or stupid, money begs regulation. Evidence has shown usury rates of 200% and collection techniques that would peel paint.

    It is not only a problem for the poor and addicted, but employers who employ them as they are now getting 15 to 35% less than what you pay them. People worried and hungry are not good workers.

    The economic cases alone proves the need.

    Should Washington, prone to shut down for political purposes and maneuvered by lobbyists be the ones to regulate? I am not sure
    Not sure in the US but they would have a Banking Act? Lending of monies- the worst case would be leaving it to the States- Canada left it to the provinces and still an issue here.
    Quote Originally Posted by Fenton View Post
    Hillary is the only defense I or anyone else needs.
    Quote Originally Posted by apdst View Post
    Not once have I showed my dick to a woman and she thought it was creepy. In fact, in 100% of the cases, they were pretty excited about it. I don't know who you're showing your **** too.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    These people pay back, the numbers show a high rate of return- why else would these vultures survive. The banks will have nothing to do with them.
    I know a number of bank managers as friends - I am not speaking from the cuff.
    There is no real money in these people and they have no where to turn except the vultures.
    The banks' lending policies are getting scrutinized by, regulated by, and clamped down on by the CFPB.

    I don't need your anecdote about bank managers being your friends. I've been posting about the CFPB and banking for 2 years. I know it intimately, and not through friends who work as managers in branches. I'm speaking from real world and very deep understanding.

    The banks aren't the monsters here, nor is it their fault that people turn to payday lenders. And regulating payday lenders out of business is only going to hurt the people who rely on them for cause and as the last resort.
    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 Lutherf View Post
    Gambling and Payday Loans
    BBC Sport - Gambling footballers take out payday loans - Sporting Chance

    I also did the books for a payday loan chain for a while.

    Also, if you're really a glutton for punishment, try some of the links in this search - https://search.yahoo.com/yhs/search;...&b=11&pstart=5

    Fair warning, most of them are to sites soliciting payday loans specifically to gamblers.
    Fair- Percentages of the usage would be good- these companies targeting gamblers are still in business- must work- not all that use PD Loans are gamblers-
    Quote Originally Posted by Fenton View Post
    Hillary is the only defense I or anyone else needs.
    Quote Originally Posted by apdst View Post
    Not once have I showed my dick to a woman and she thought it was creepy. In fact, in 100% of the cases, they were pretty excited about it. I don't know who you're showing your **** too.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    You left out people with gambling issues. There are LOTS of them using these services.
    So it's now the payday loan places to blame for a gambler's inability to control themselves? Seriously?
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  10. #20
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Fair- Percentages of the usage would be good- these companies targeting gamblers are still in business- must work- not all that use PD Loans are gamblers-
    I never said that the all were. All I said is that gamblers tend to make up a significant percentage of the clientele.

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