View Poll Results: Pay day loans

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  • Regulate - Yes

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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #211
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    The borrower has to sign a new agreement. Payday loans aren't evergreen loans.
    It ends up being a semantic argument. Regardless of the fact that you go in and sign a new agreement, you roll the loan over and continue to pay fees on the initial loan amount.
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  2. #212
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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.
    Vinnie and boys still probably charge lower fees for the loan.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  3. #213
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Vinnie and boys still probably charge lower fees for the loan.
    Then by all means, go there.
    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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  4. #214
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Then by all means, go there.
    The point is these payday lenders are leaches upon the communities they are in, just like a loan shark. If you are poor and living paycheck to paycheck and you don't have the money out of this paycheck to make your expenses then its not doing you any good to take a loan at high rates to pay for expenses this check was insufficient for against your next paycheck that will be just as insufficient.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    The point is these payday lenders are leaches upon the communities they are in, just like a loan shark. If you are poor and living paycheck to paycheck and you don't have the money out of this paycheck to make your expenses then its not doing you any good to take a loan at high rates to pay for expenses this check was insufficient for against your next paycheck that will be just as insufficient.
    Hardly. You don't just get to run around and declare your uninformed opinions to be fact.
    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
    Hardly. You don't just get to run around and declare your uninformed opinions to be fact.
    I grew up poor so I am pretty informed in that regard, but I also posted the stats on payday loans from the CFPB:

    http://files.consumerfinance.gov/f/2...ay-lending.pdf
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    I grew up poor so I am pretty informed in that regard, but I also posted the stats on payday loans from the CFPB:

    http://files.consumerfinance.gov/f/2...ay-lending.pdf
    And it has been explained to you why those stats are skewed and incorrect. I don't expect you to listen to reality though.
    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
    Hardly. You don't just get to run around and declare your uninformed opinions to be fact.
    Are you a payday loan lender, lol?
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  9. #219
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    And it has been explained to you why those stats are skewed and incorrect. I don't expect you to listen to reality though.
    No, you argued with them using a semantics argument. Regardless of whether a rollover requires taking out a new loan agreement every week, you still pay fees on the loan just like you would if it were a revolving credit card with an insanely high interest rate. So sorry, but I am taking the published findings of the CFPB over random Joe's opinion on the internets.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    Are you a payday loan lender, lol?
    Actually, I helped the friend of a friend set up a store a long time ago, went through all of the training, etc. So I'm a hell of a lot closer to you. What's your experience?
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