View Poll Results: Pay day loans

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  • Regulate - Yes

    36 81.82%
  • Regulate - No

    7 15.91%
  • No opinion

    1 2.27%
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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #241
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Glad to see you agree with me. Now about all the rest of the lenders who are not breaking the law? Or are you going to refuse to address that?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Glad to see you agree with me. Now about all the rest of the lenders who are not breaking the law? Or are you going to refuse to address that?
    Mornin' Cephus...While PayDay lenders may be acting within the limits of the law as it exists today, that doesn't mean that rational people can't look at what they are doing and agree that as dumb as it is to use these places for anything, that their practice mocks ethics, and skirt the laws intent, right?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    I like the strawman argument that several have thrown up here. Nobody has suggested that these businesses have no place or utility. What is being suggested is that like any other commerce, they need strict regulation to protect consumers, that's all. I'm glad to see the polling remain as it is, and that there are only a few loose screws.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Glad to see you agree with me. Now about all the rest of the lenders who are not breaking the law? Or are you going to refuse to address that?
    No problem. They will be regulated. Or are you against regulation?
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  5. #245
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Mornin' Cephus...While PayDay lenders may be acting within the limits of the law as it exists today, that doesn't mean that rational people can't look at what they are doing and agree that as dumb as it is to use these places for anything, that their practice mocks ethics, and skirt the laws intent, right?
    So what do the poor do when you close down this avenue? Just hand over government money that they don't have to pay back? These places exist because there is a demand. How do you fill that demand?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    No problem. They will be regulated. Or are you against regulation?
    They're already regulated. You want to drive them out of business.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    They're already regulated. You want to drive them out of business.
    Not well regulated, each State has differing rules, some States do not permit them to operate. Under the CPA this will make regualions standard across the board.
    As to being run out of business, not as long as there are people that live pay check to pay check.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Not well regulated, each State has differing rules, some States do not permit them to operate. Under the CPA this will make regualions standard across the board.
    As to being run out of business, not as long as there are people that live pay check to pay check.
    They are not "well" regulated is the entire point here. They are charging confiscatory rates, and ruining people who are already in a bad way. That's the whole reason that the CPA is looking into this. I'm amazed that there's like three people in America that sympathise with the predatory practices of PayDay Lenders, and they're all on this board spending significant amounts of their time defending it and seemingly with no shame. Again I'll say, if its 425% or broke! then let them disappear into the annals of history of failed US enterprises.
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    They are not "well" regulated is the entire point here. They are charging confiscatory rates, and ruining people who are already in a bad way. That's the whole reason that the CPA is looking into this. I'm amazed that there's like three people in America that sympathise with the predatory practices of PayDay Lenders, and they're all on this board spending significant amounts of their time defending it and seemingly with no shame. Again I'll say, if its 425% or broke! then let them disappear into the annals of history of failed US enterprises.
    Let them open their books to the CPA.
    http://dealbook.nytimes.com/2015/02/...ayday-lenders/

    Few people can, the data suggest, leaving borrowers to either roll over their loans, heaping on more fees, or take out new ones altogether. The bureau found that during a 12-month period, borrowers took out a median of 10 loans. Borrowers paid median fees of $458. The median amount borrowed was $350. And more than 80 percent of loans were rolled over or renewed within two weeks.

    That churn is central to many lenders’ business, according to data from the bureau. Borrowers who take out 11 or more loans each year account for roughly 75 percent of the fees generated.
    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.

  10. #250
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Let them open their books to the CPA.
    http://dealbook.nytimes.com/2015/02/...ayday-lenders/

    Few people can, the data suggest, leaving borrowers to either roll over their loans, heaping on more fees, or take out new ones altogether. The bureau found that during a 12-month period, borrowers took out a median of 10 loans. Borrowers paid median fees of $458. The median amount borrowed was $350. And more than 80 percent of loans were rolled over or renewed within two weeks.

    That churn is central to many lenders’ business, according to data from the bureau. Borrowers who take out 11 or more loans each year account for roughly 75 percent of the fees generated.
    Do you think that you and I have a disagreement? I posted what I did to bolster what you've been saying!
    Killing one person is murder, killing 100,000 is foreign policy

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