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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #231
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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.
    Yes, each one has an end. However, when you take that loan and then roll it over to a new agreement for months on end, each time just paying the interest for the loan term to do so, then you are paying a ton of money in interest and fees by the time you finally pay it off.

    So from the borrowers perspective, they paid out a ton of money just like they would to a loan shark for a short term loan. The payday lenders like for people to do this, in fact that is how they make their money. If everyone that got a payday loan simply paid the thing off as soon as the original loan was due, payday lenders would be out of business.

    I am not an idiot (nor are the majority of people on here that seem to be agreeing with my position on this). I get what is going on. Of course its technically a new loan every time, but that doesn't change the fact that Joe walks into a payday loan shop, gets a short term loan for 300 dollars, can't pay it off when its due, thus takes another loan out and pays interest and fees every time he does so until its paid off. Do you not understand that?
    Last edited by SouthernDemocrat; 02-12-15 at 01:07 PM.
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  2. #232
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Yup. That's the thing. Anyone who can get a loan from a reputable lender wouldn't go to a payday lender. The people who are there are there because they screwed up and trashed their own credit. There's a price to pay for not paying your lender back as agreed and on time.
    Not always. I used one for a dire emergency when I needed the cash right away. I did shop around the payday loan places cause I'm cheap like that and found a place to do it with little fees. But I never would have done it if I thought it would put me behind or I couldn't repay it and the fee was actually ended up lower than an overdraft fee so it worked out fine.

    I know what you mean about personal responsibility. I have a friend who is always behind or going into overdraft and crying and I thought maybe she needs some help that she just can't budget right and I felt bad. Then she gave me some old things of her daughters for mine and I found like 7 redbox movies in the bag and I casually asked her about them and she goes into a story how she didn't return them in and got charged a huge amount and wah wah wah and after that I gave up feeling anything bad for her.
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  3. #233
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Yes, each one has an end. However, when you take that loan and then roll it over to a new agreement for months on end, each time just paying the interest for the loan term to do so, then you are paying a ton of money in interest and fees by the time you finally pay it off.

    So from the borrowers perspective, they paid out a ton of money just like they would to a loan shark for a short term loan. The payday lenders like for people to do this, in fact that is how they make their money. If everyone that got a payday loan simply paid the thing off as soon as the original loan was due, payday lenders would be out of business.

    I am not an idiot (nor are the majority of people on here that seem to be agreeing with my position on this). I get what is going on. Of course its technically a new loan every time, but that doesn't change the fact that Joe walks into a payday loan shop, gets a short term loan for 300 dollars, can't pay it off when its due, thus takes another loan out and pays interest and fees every time he does so until its paid off. Do you not understand that?
    I didn't say you were an idiot. I said you were wrong when you were trying to claim that a payday loan is a revolving loan. It is not. And no amount of "Joe can't pay it back in the end so he has to take another one" doesn't change that.

    If you take a 12 month personal unsecured loan, and at the end of 11 months you need more money so you take another 12 month personal loan for the same amount, and roll in the unpaid balance of your first loan into the new loan, that doesn't mean you had a revolving loan - ever. It means you took 2 installment loans.

    Again, if you don't ever want to take a payday loan, don't take one. I never would either.
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  4. #234
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by americanwoman View Post
    Not always. I used one for a dire emergency when I needed the cash right away. I did shop around the payday loan places cause I'm cheap like that and found a place to do it with little fees. But I never would have done it if I thought it would put me behind or I couldn't repay it and the fee was actually ended up lower than an overdraft fee so it worked out fine.

    I know what you mean about personal responsibility. I have a friend who is always behind or going into overdraft and crying and I thought maybe she needs some help that she just can't budget right and I felt bad. Then she gave me some old things of her daughters for mine and I found like 7 redbox movies in the bag and I casually asked her about them and she goes into a story how she didn't return them in and got charged a huge amount and wah wah wah and after that I gave up feeling anything bad for her.
    And you're the reason why these loans have a purpose, which is what I've been saying all along. There are a lot of people who take them because they need cash quickly, and they take them knowing they can pay them back. Most people - the ones who pay them back and the ones who don't - share one thing in common, which is a subprime credit score. There are exceptions to everything.

    I have friends who whine about fees too, like the movies, when it turns out - uhhh, didn't return them on time.

    Anyone can get into trouble. It's the ones who intentionally get themselves into trouble that annoy me.
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  5. #235
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lursa View Post
    I dont know....for $500 for an emergency? Will a bank do that in about an hour?
    Not concerning the people that usually go to payday places they won't...Never forget the old saying, "the bank will only loan you the money if you don't need it"

    Are there penalties there as well if you pay the money back within, say 1 week or 2?
    No. But they won't mitigate the payback amount either...For instance, if you borrow $500, with the agreement to pay back $575 in two weeks, but you come in within a week, it is still $575.

    And did Tres B say that the payday loans arent reported to the credit bureaus?
    No, they aren't...But you do have to prove to them your paycheck, and residence, along with listing something you own worth the loan amount, so that I am sure they can petition to take it if you default.

    But these places do something that is far worse if you ask me...See, in everyday terms...A person goes in there and borrows $500. because they are behind in rent, and the electric is about to be cut off. The payback is $575 in two weeks, but in two weeks they don't have the money to do that and pay their bills that are due, because they live paycheck to paycheck....So they go in to pay off the $575 and roll it over the next day for the original $500...and so on and so on...Now if they are unlucky enough to have that extend a year, they will have paid $1950. in interest on the original $500 that kept being rolled over, oh, and they still have to pay that back. So contrary to what Cephus or anyone else says in here about it being 26 separate loans or not, the end result is the original $500 is owed, never gets smaller, and they have paid 4 times the principle for the privilege of borrowing the original $500. It is to say the least the definition of usury....
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  6. #236
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    For those that are defending Pay Day Loan practices, a quick search shows this and more.
    Federal agency sues two Johnson County men, says they bilked payday loan customers out of millions | The Kansas City Star The Kansas City Star
    Those companies allegedly made about $28 million in payday loans over one 11-month period, “extracting” more than $46.5 million in return, according to federal court records.

    “Defendants’ tactics serve the single purpose of bilking cash-strapped consumers out of as much money as possible,” federal lawyers alleged in court filings.

    Pennsylvania Sues Think Finance, Alleging Illegal Payday Loan Scheme

    Pennsylvania is one of several states with laws prohibiting payday lending, but the often predatory products still find their way to consumers via online marketplaces and companies’ claiming affiliation with American Indian tribes. In an effort to crack down on such nefarious lenders, the state’s attorney general filed a consumer protection lawsuit against a Texas-based company for allegedly engineering a payday loan scheme over the internet.

    Pennsylvania Attorney General Kathleen Kane announced yesterday that her office filed the suit against Think Finance Inc, a company behind a number of payday loan-like lenders including RISE Credit, for violating a number of the state’s laws by targeting Pennsylvania consumers for costly payday loans.
    Quote Originally Posted by Fenton View Post
    Hillary is the only defense I or anyone else needs.
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    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.

  7. #237
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    For those that are defending Pay Day Loan practices, a quick search shows this and more.
    Federal agency sues two Johnson County men, says they bilked payday loan customers out of millions | The Kansas City Star The Kansas City Star
    Those companies allegedly made about $28 million in payday loans over one 11-month period, “extracting” more than $46.5 million in return, according to federal court records.

    “Defendants’ tactics serve the single purpose of bilking cash-strapped consumers out of as much money as possible,” federal lawyers alleged in court filings.

    Pennsylvania Sues Think Finance, Alleging Illegal Payday Loan Scheme

    Pennsylvania is one of several states with laws prohibiting payday lending, but the often predatory products still find their way to consumers via online marketplaces and companies’ claiming affiliation with American Indian tribes. In an effort to crack down on such nefarious lenders, the state’s attorney general filed a consumer protection lawsuit against a Texas-based company for allegedly engineering a payday loan scheme over the internet.

    Pennsylvania Attorney General Kathleen Kane announced yesterday that her office filed the suit against Think Finance Inc, a company behind a number of payday loan-like lenders including RISE Credit, for violating a number of the state’s laws by targeting Pennsylvania consumers for costly payday loans.
    And people who actually commit crimes ought to be prosecuted. Who has said otherwise? Now prove the rest are committing crimes.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    And people who actually commit crimes ought to be prosecuted. Who has said otherwise? Now prove the rest are committing crimes.
    Nope- That is left to the States who are laying charges.
    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.

  9. #239
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Nope- That is left to the States who are laying charges.
    Which doesn't mean anyone has broken any laws, you can't charge people with retroactive crimes. This is all just liberal pissing and moaning.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Which doesn't mean anyone has broken any laws, you can't charge people with retroactive crimes. This is all just liberal pissing and moaning.
    Some Californians Eligible For Refunds From Payday Lenders CBS San Francisco

    Payday Lender to Refund Up to $7.5M for Alleged Illegal Lending Practices | NBC Southern California

    Payday Loans and Lenders
    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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