View Poll Results: Pay day loans

Voters
44. You may not vote on this poll
  • Regulate - Yes

    36 81.82%
  • Regulate - No

    7 15.91%
  • No opinion

    1 2.27%
Page 20 of 40 FirstFirst ... 10181920212230 ... LastLast
Results 191 to 200 of 399

Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #191
    Sage
    Cephus's Avatar
    Join Date
    Mar 2007
    Location
    CA
    Last Seen
    Today @ 06:22 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    29,805

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    Online ones do. The neighborhood payday lender just hands you cash and expects you to hand it back, plus interest, in 2 weeks.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

    Blog me! YouTube me! VidMe me!

  2. #192
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    Today @ 06:41 PM
    Gender
    Lean
    Moderate
    Posts
    39,307

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Online ones do. The neighborhood payday lender just hands you cash and expects you to hand it back, plus interest, in 2 weeks.
    Most online lenders don't require collateral, which is why they can turn it around so fast.

    i remember one that used to advertise on TV - it was run by Native Americans. Western Sky or something. They got booted off the air and banned in a bunch of states.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  3. #193
    Sage
    polgara's Avatar
    Join Date
    Jan 2013
    Location
    NE Ohio
    Last Seen
    Today @ 05:11 PM
    Gender
    Lean
    Other
    Posts
    18,357

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    Thanks for the info, tres. I wondered if they could request to hold your car title or something until they get their money back.

  4. #194
    User Moonglow's Avatar
    Join Date
    Feb 2015
    Last Seen
    12-16-17 @ 05:49 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    10

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    The banks own the Pay Day loans and should not be charging so much,,,meanwhile to get a 10k loan from a bank, the interest is not always that low and the fees are around $2,500.00

  5. #195
    User Moonglow's Avatar
    Join Date
    Feb 2015
    Last Seen
    12-16-17 @ 05:49 PM
    Gender
    Lean
    Slightly Liberal
    Posts
    10

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Thanks for the info, tres. I wondered if they could request to hold your car title or something until they get their money back.
    They usually sue you and garnish wages...

  6. #196
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    Today @ 06:41 PM
    Gender
    Lean
    Moderate
    Posts
    39,307

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Thanks for the info, tres. I wondered if they could request to hold your car title or something until they get their money back.
    Hey Pol, yeah the ones who take car loans for advances will hold your car and dispose of it on your behalf if you don't pay. The ones who just give you $1500 or so, they have an agreement (and it's legal) so they can do whatever they have to do to get you to make good on the loan, just like a bank will.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  7. #197
    Sage
    Cephus's Avatar
    Join Date
    Mar 2007
    Location
    CA
    Last Seen
    Today @ 06:22 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    29,805

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Most online lenders don't require collateral, which is why they can turn it around so fast.

    i remember one that used to advertise on TV - it was run by Native Americans. Western Sky or something. They got booted off the air and banned in a bunch of states.
    Offline lenders don't require collateral either. It's just a matter of doing due diligence to verify information on the application. Anyone can turn around that fast. I seem to remember seeing that Western Sky thing in the past, don't really pay attention to advertising for anything today.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

    Blog me! YouTube me! VidMe me!

  8. #198
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    Today @ 06:41 PM
    Gender
    Lean
    Moderate
    Posts
    39,307

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Moonglow View Post
    The banks own the Pay Day loans and should not be charging so much,,,meanwhile to get a 10k loan from a bank, the interest is not always that low and the fees are around $2,500.00
    You have to shop out loans. That's why the FCRA requires that they all disclose the APR up front, so you can shop. All unsecured loans from any bank will always have a higher interest rate than a collateralized loan will. They assume the risk.

    Banks aren't in the payday loan business. Their regulators don't allow them to be.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  9. #199
    Sage
    Cephus's Avatar
    Join Date
    Mar 2007
    Location
    CA
    Last Seen
    Today @ 06:22 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    29,805

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Moonglow View Post
    They usually sue you and garnish wages...
    Assuming the wages are garnishable. In California, at least, you cannot garnish welfare or SSI, which is why most of these companies don't allow you to use that as income. Some will fake employment with burner cells, but if you take them to small claims court and they actually show up, they still have no income that the courts can garnish and the company loses.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

    Blog me! YouTube me! VidMe me!

  10. #200
    Sage
    Cephus's Avatar
    Join Date
    Mar 2007
    Location
    CA
    Last Seen
    Today @ 06:22 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    29,805

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Moonglow View Post
    The banks own the Pay Day loans and should not be charging so much,,,meanwhile to get a 10k loan from a bank, the interest is not always that low and the fees are around $2,500.00
    Where did you get the idea that the banks own payday loan companies? That's absurd. And why would anyone in their right mind pay 25% interest? You'd have to have really horrible credit to get those terms, you probably couldn't get any kind of loan from anyone at that point.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

    Blog me! YouTube me! VidMe me!

Page 20 of 40 FirstFirst ... 10181920212230 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •