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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #201
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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.
    Payday loan activity generally does not show up on the credit reports you get from the three major national credit reporting agencies (Equifax, Experian, and Trans Union). However there are specialty credit reporting agencies that collect some of your payday loan history. It is possible that lenders may access this information when considering you for future loans.

    In addition, if you don’t pay your loan back and your lender sells your payday loan debt to a debt collector, it is possible the debt collector would report this debt to one of the major national credit bureaus. Debts in collection could impact your credit.

    Likewise, some payday lenders bring lawsuits to collect unpaid payday loans. If you lose a court case related to your payday loan, this fact could appear on your credit report and may affect your credit score., some payday lenders bring lawsuits to collect unpaid payday loans. If you lose a court case related to your payday loan, this fact could appear on your credit report and may affect your credit score.

    http://www.consumerfinance.gov/askcf...my-credit.html
    Last edited by Montecresto; 02-11-15 at 08:53 PM.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    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.
    Greetings, Cephus.

    Thanks for answering my questions. From what I've been reading here, they must charge a very high rate of interest. Is that the reason some are asking for more regulation on those types of lenders? I don't know if that's fair, since the lender is taking a risk, as all lenders do, but no one is coerced into asking for such a loan, so if a person agrees to pay a very high rate of interest, isn't that their business, and not something the government should get involved in? It does sound like Payday Lenders do serve a niche that is apparently needed by some people.

  3. #203
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    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.
    How Big Banks Finance Billions In Predatory Payday Lending

    – Major banks provide over $1.5 Billion in credit available to fund major payday lending companies.
    How Big Banks Finance Billions In Predatory Payday Lending | ThinkProgress

    I will say that I will need to change my claim, I was a little wrong, but, banks do work with payday loans giving them credit....Which is a form of financing...

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, Cephus.

    Thanks for answering my questions. From what I've been reading here, they must charge a very high rate of interest. Is that the reason some are asking for more regulation on those types of lenders? I don't know if that's fair, since the lender is taking a risk, as all lenders do, but no one is coerced into asking for such a loan, so if a person agrees to pay a very high rate of interest, isn't that their business, and not something the government should get involved in? It does sound like Payday Lenders do serve a niche that is apparently needed by some people.
    Hey there Polgara, it's beyond predatory, and it needs to and will be reigned in.

    Payday lending has exploded in the last few years. Colorado is one of the few states with an industry-wide annual report available. For 1997, the Attorney General reported that 188 lenders made 374,477 post-dated check loans totaling $42,823,089. The average annual percentage rate charged on these loans was 485.26%. The average term for loans was 16.58 days. Over 58,000 of these loans, or 15.5%, were refinanced. For the year ended 12/31/97, Washington reported 562,031 loans made by check cashers. These loans were for a total of $144,923,986. The average size loan was $255. Lenders collected $21,541,338 in fees and charged off $2,054,338. Indiana reports that the number of payday lenders jumped from 11 in 1995 to 59 in 1997, with loan volume increasing from $12,688,599 in 1995 to $98 million in 1997.


    Oh, and look at the polling numbers, there's only three individuals (thankfully) that think 425% is just ok!!
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, Cephus.

    Thanks for answering my questions. From what I've been reading here, they must charge a very high rate of interest. Is that the reason some are asking for more regulation on those types of lenders? I don't know if that's fair, since the lender is taking a risk, as all lenders do, but no one is coerced into asking for such a loan, so if a person agrees to pay a very high rate of interest, isn't that their business, and not something the government should get involved in? It does sound like Payday Lenders do serve a niche that is apparently needed by some people.
    The govt. is seeking to have the Pay Day loans work within the state laws they operate in and not it's home company state that may have different laws than the state the loans are made..

  6. #206
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, Cephus.

    Thanks for answering my questions. From what I've been reading here, they must charge a very high rate of interest. Is that the reason some are asking for more regulation on those types of lenders? I don't know if that's fair, since the lender is taking a risk, as all lenders do, but no one is coerced into asking for such a loan, so if a person agrees to pay a very high rate of interest, isn't that their business, and not something the government should get involved in? It does sound like Payday Lenders do serve a niche that is apparently needed by some people.
    They only charge 15% last I knew, which is pretty low considering the 22% that a lot of credit cards charge. Of course, there are a lot of people around here who have an agenda and therefore, are only too happy to fudge the numbers to support their irrational claims. It is indeed the business of the person who goes in and signs up for a loan, the conditions are explained and nobody leaves not knowing what they're getting themselves into. They put their name on the line, they take responsibility for their actions.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Moonglow View Post
    How Big Banks Finance Billions In Predatory Payday Lending

    – Major banks provide over $1.5 Billion in credit available to fund major payday lending companies.
    How Big Banks Finance Billions In Predatory Payday Lending | ThinkProgress

    I will say that I will need to change my claim, I was a little wrong, but, banks do work with payday loans giving them credit....Which is a form of financing...
    How in the hell do you get there? If a mobster qualifies for a credit card, does that mean that credit card companies are funding the mob? Seriously?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    Hey there Polgara, it's beyond predatory, and it needs to and will be reigned in.

    Payday lending has exploded in the last few years. Colorado is one of the few states with an industry-wide annual report available. For 1997, the Attorney General reported that 188 lenders made 374,477 post-dated check loans totaling $42,823,089. The average annual percentage rate charged on these loans was 485.26%. The average term for loans was 16.58 days. Over 58,000 of these loans, or 15.5%, were refinanced. For the year ended 12/31/97, Washington reported 562,031 loans made by check cashers. These loans were for a total of $144,923,986. The average size loan was $255. Lenders collected $21,541,338 in fees and charged off $2,054,338. Indiana reports that the number of payday lenders jumped from 11 in 1995 to 59 in 1997, with loan volume increasing from $12,688,599 in 1995 to $98 million in 1997.


    Oh, and look at the polling numbers, there's only three individuals (thankfully) that think 425% is just ok!!
    Greetings, Montecresto.

    Wow! 485% yearly interest on a loan? Damn! I noticed a new lender opened recently near my daughter-in-laws house - it used to be a Wendy's drive through for years - so the need must be there. I guess the borrower didn't pay as agreed, and interest charges just kept getting on, but that is astonishing! It's unfortunate that the people who need them the most are the ones being hurt, though. *shaking head in commiseration for them*

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, Montecresto.

    Wow! 485% yearly interest on a loan? Damn! I noticed a new lender opened recently near my daughter-in-laws house - it used to be a Wendy's drive through for years - so the need must be there. I guess the borrower didn't pay as agreed, and interest charges just kept getting on, but that is astonishing! It's unfortunate that the people who need them the most are the ones being hurt, though. *shaking head in commiseration for them*
    That's a total load of crap, as has been explained. They've got an agenda and are only too willing to lie through their teeth to support it.
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  10. #210
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by polgara View Post
    Greetings, Montecresto.

    Wow! 485% yearly interest on a loan? Damn! I noticed a new lender opened recently near my daughter-in-laws house - it used to be a Wendy's drive through for years - so the need must be there. I guess the borrower didn't pay as agreed, and interest charges just kept getting on, but that is astonishing! It's unfortunate that the people who need them the most are the ones being hurt, though. *shaking head in commiseration for them*
    To the bolded, it wasn't just a borrower, if you look again, you'll see that of all the loans made in the state of Colorado, the AVERAGE was 425%! That's the states records talking, not posters with any agenda. Payday loan lenders will be seeing tighter regulation, it's only a matter of time.
    Killing one person is murder, killing 100,000 is foreign policy

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