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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #221
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    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.
    No, it isn't a semantics. You pay interest on the new loan. You agree to take the new loan. You keep talking about revolving credit cards in this discussion, too. This isn't a revolving loan.
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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.
    So then the poor people shouldn't borrow money from them. Problem solved. What's the issue?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    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?
    You are??? Anyway, I figured you had a hand in it somewhere.
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  4. #224
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    No, it isn't a semantics. You pay interest on the new loan. You agree to take the new loan. You keep talking about revolving credit cards in this discussion, too. This isn't a revolving loan.
    Because it works the same way. I get a loan for 300 dollars. I don't have the money to pay it off so I pay the fees for the loan and get a new loan for the amount borrowed with fees on that loan. I then don't have the money to pay it off so I get a new loan for the original amount borrowed with fees on that loan. How is that in practice any different in terms of how much you end paying in interest and fees than a revolving loan with a triple digit interest rate?
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  5. #225
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Because it works the same way. I get a loan for 300 dollars. I don't have the money to pay it off so I pay the fees for the loan and get a new loan for the amount borrowed with fees on that loan. I then don't have the money to pay it off so I get a new loan for the original amount borrowed with fees on that loan. How is that in practice any different in terms of how much you end paying in interest and fees than a revolving loan with a triple digit interest rate?
    So then never take a loan from a payday lender and you won't have any problems.

    Installment loans and revolving credit loans don't work the same way, by the way. Not at all.
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  6. #226
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    So then never take a loan from a payday lender and you won't have any problems.

    Installment loans and revolving credit loans don't work the same way, by the way. Not at all.
    From the lenders perspective they don't. No one is arguing that. I am saying for all intents and purposes, the way rolling over a pay day loan works, is that you pay a ton of interest and fees just like you would carrying a balance on a credit line with a 3 digit interest rate. For example, if you borrow 300 dollars and take 11 months to pay it off, and in the end pay over 600 dollars for a 300 dollar loan because you kept doing roll overs, then when difference does it make in terms of the technical details in how you got there.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

  7. #227
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    From the lenders perspective they don't. No one is arguing that. I am saying for all intents and purposes, the way rolling over a pay day loan works, is that you pay a ton of interest and fees just like you would carrying a balance on a credit line with a 3 digit interest rate. For example, if you borrow 300 dollars and take 11 months to pay it off, and in the end pay over 600 dollars for a 300 dollar loan because you kept doing roll overs, then when difference does it make in terms of the technical details in how you got there.
    It isn't from the lender's perspective. It's a fact.

    I suggest Googling "Installment Loan and Revolving Credit Differences" to learn why they are not the same kinds of loans at all.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    It isn't from the lender's perspective. It's a fact.

    I suggest Googling "Installment Loan and Revolving Credit Differences" to learn why they are not the same kinds of loans at all.
    Which is what I said in my first sentence.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Which is what I said in my first sentence.
    No, it isn't. It's called "finance". It's called "different kinds of loans a borrowe can get". It has nothing to do with a lender's "perspective".

    A bank can't hold a revolving loan on its books and call it an installment loan. An installment loan is paid in regular and equal payments over a specified (in advance) period of time. A revolving credit loan (like a credit card or line of credit) means that the lender has granted you a maximum amount of the lender's money that you can draw on as you choose. Payday loans are not revolving credit loans. The lender gives you money one time, and you agree to pay it back plus the fees or interest by x date. There is no open end agreement. It has an end.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  10. #230
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    No, it isn't. It's called "finance". It's called "different kinds of loans a borrowe can get". It has nothing to do with a lender's "perspective".

    A bank can't hold a revolving loan on its books and call it an installment loan. An installment loan is paid in regular and equal payments over a specified (in advance) period of time. A revolving credit loan (like a credit card or line of credit) means that the lender has granted you a maximum amount of the lender's money that you can draw on as you choose. Payday loans are not revolving credit loans. The lender gives you money one time, and you agree to pay it back plus the fees or interest by x date. There is no open end agreement. It has an end.
    You know you are trying to explain reality to a Democrat, right?
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