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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #271
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Does it need to be 400 + % in some cases?
    Except it's never 400%, that's a mathematical game made by people who have an agenda. It is 15%. That's it. It is never an annual percentage rate because the individual loans are 2 weeks. That's all. Anyone who tells you different is a liar and anyone who believes different is an idiot.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Except it's never 400%, that's a mathematical game made by people who have an agenda. It is 15%. That's it. It is never an annual percentage rate because the individual loans are 2 weeks. That's all. Anyone who tells you different is a liar and anyone who believes different is an idiot.
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  3. #273
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Except it's never 400%, that's a mathematical game made by people who have an agenda. It is 15%. That's it. It is never an annual percentage rate because the individual loans are 2 weeks. That's all. Anyone who tells you different is a liar and anyone who believes different is an idiot.
    Look, I have posted it at least twice now. My wife when we first moved here to SC worked for a payday loan place. Their payment schedules are posted right on the wall when you walk in to these places. and they list the amounts you can write a check for ie; $500. with a two week payback of $575. and on the very last column it clearly states an A.P.R. or 400 + %.... So, don't try to tell me what it is.

    Their whole model is dependent on people writing, and rolling over these agreements. In fact, when my wife would try to help people out by informing them that they could actually go in before the due date and request that their payback be split into three bi weekly payments to pay it off, she was reprimanded.

    So, "idiot"? no....Seem's you are the one jumping to conclusions about what, or not others know about this business....

    But I don't remember an actual answer to my question...Do you Cephus find it ethically responsible business wise to screw people at 400% interest rates? You think that is 'above board'?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Look, I have posted it at least twice now. My wife when we first moved here to SC worked for a payday loan place. Their payment schedules are posted right on the wall when you walk in to these places. and they list the amounts you can write a check for ie; $500. with a two week payback of $575. and on the very last column it clearly states an A.P.R. or 400 + %.... So, don't try to tell me what it is.

    Their whole model is dependent on people writing, and rolling over these agreements. In fact, when my wife would try to help people out by informing them that they could actually go in before the due date and request that their payback be split into three bi weekly payments to pay it off, she was reprimanded.

    So, "idiot"? no....Seem's you are the one jumping to conclusions about what, or not others know about this business....

    But I don't remember an actual answer to my question...Do you Cephus find it ethically responsible business wise to screw people at 400% interest rates? You think that is 'above board'?
    Since you used this example, and are tying it to the offensive figure of 400%, take the 400% APR out of it for a minute.

    You borrow $500 for 2 weeks. You pay a $75 fee to borrow that money. What should the appropriate fee be for borrowing someone else's money because you desperately need it and don't have it?
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  5. #275
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Since you used this example, and are tying it to the offensive figure of 400%, take the 400% APR out of it for a minute.

    You borrow $500 for 2 weeks. You pay a $75 fee to borrow that money. What should the appropriate fee be for borrowing someone else's money because you desperately need it and don't have it?
    I believe that usury laws when they existed, or were enforced were somewhere around 29.9% APR....And I seem to recall that investments that pay around 16% will result in tripling the initial investment...So, why the rush to absolutely crush those who get involved with this kind of borrowing? I don't get it...I am a conservative, but this business bothers me a great deal.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Since you used this example, and are tying it to the offensive figure of 400%, take the 400% APR out of it for a minute.

    You borrow $500 for 2 weeks. You pay a $75 fee to borrow that money. What should the appropriate fee be for borrowing someone else's money because you desperately need it and don't have it?
    Oh, and my wife just had a great idea. Maybe they could not necessarily do away with the business, but limit how often people can write a payday loan, say borrowers are limited to 4 times a year or something....
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    I believe that usury laws when they existed, or were enforced were somewhere around 29.9% APR....And I seem to recall that investments that pay around 16% will result in tripling the initial investment...So, why the rush to absolutely crush those who get involved with this kind of borrowing? I don't get it...I am a conservative, but this business bothers me a great deal.
    Okay, but again, what is a reasonable fee to borrow someone else's $500?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Oh, and my wife just had a great idea. Maybe they could not necessarily do away with the business, but limit how often people can write a payday loan, say borrowers are limited to 4 times a year or something....
    That's okay, I guess, but I'm not someone who thinks the government should put forth laws to protect people from their own stupidity. And that would be impossible to regulate unless you put all payday lenders on a national shared network, and that won't happen.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    They're the ones who have cut off all of their other options by being irresponsible. So now you want even this option removed? What will you replace it with? The need isn't going to go away, just because *YOU* don't like it.
    There isn't a need for predatory interest rates designed at creating a perpetual debt cycle that they know desperate people must enter into and will probably never get out.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Okay, but again, what is a reasonable fee to borrow someone else's $500?
    I don't know, I'm not in the business...Clearly 400% APR is not.

    That's okay, I guess, but I'm not someone who thinks the government should put forth laws to protect people from their own stupidity. And that would be impossible to regulate unless you put all payday lenders on a national shared network, and that won't happen.
    Why not. They are on a shared network within a state....You can't for instance go to Advance America and write for $500, then go down the street and walk into Check into Cash and write another $500....What the real problem is, are the online ones that don't have to have a brick and mortar store front...They skirt the system in even worse ways.

    In any case, these places are loan sharking with the appearance of legitimacy. As I said before, I don't like the government inserting themselves in business, but in this case you can hardly call these people legitimate business people.
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