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. #21
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    That is a reflection on bank policies and an inability to access short term loans or even low credit lines.
    They are being picked over by vultures.
    At one time banks issued short-term, low-cost loans to people who little or no collateral. Today they do not. The risk was simply too high. The people who use these loan places have no other options. If you want to eliminate them altogether, what do you suggest the poor do?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    I never said that the all were. All I said is that gamblers tend to make up a significant percentage of the clientele.
    But that makes no sense, again, because most states have very strict rules on maximum amounts of payday loans, and I think the highest amount is $1500. Gamblers make up a percentage, but so do smokers, shoppers, people with cars, gum chewers, etc.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    So it's now the payday loan places to blame for a gambler's inability to control themselves? Seriously?
    Nope.

    People that are hooked on gambling or drugs or whatever else tend to make bad decisions anyway. They don't need a whole lot of additional help in that direction.

    My contention is that a lot of people who use these services don't really need to. Many of them, if not most of them, could avoid the whole thing if they simply made some better personal financial decisions.

    It's life and there's a pretty heavy tax on "stupid". These places are part of that tax.

  4. #24
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Not an excuse hit them with 300% interest rates.
    They are not a 300% interest rate, that's utterly absurd and a complete lie, cooked up by opponents. They are usually 2 week loans meant to get you through to your next paycheck. Last I was aware, the highest loan allowable by law was $300 with a $40 fee attached. You got $300, you had to pay back $340. Where do you get the idea that $40 is 300% of $300?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    At one time banks issued short-term, low-cost loans to people who little or no collateral. Today they do not. The risk was simply too high. The people who use these loan places have no other options. If you want to eliminate them altogether, what do you suggest the poor do?
    Why did the banks change their policy? I believe I answered it in an earlier post.
    What do you suggest?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    But that makes no sense, again, because most states have very strict rules on maximum amounts of payday loans, and I think the highest amount is $1500. Gamblers make up a percentage, but so do smokers, shoppers, people with cars, gum chewers, etc.

    You have to remember that it isn't the single transaction that's the problem. It's the frequency of repeated transactions. Someone with a gambling problem may well go back every week for $500 and pay the $100 fee for the privilege every time. That's especially true if it means their husband or wife is less likely to find out what they're doing.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    Nope.

    People that are hooked on gambling or drugs or whatever else tend to make bad decisions anyway. They don't need a whole lot of additional help in that direction.

    My contention is that a lot of people who use these services don't really need to. Many of them, if not most of them, could avoid the whole thing if they simply made some better personal financial decisions.

    It's life and there's a pretty heavy tax on "stupid". These places are part of that tax.
    That is their problem. If they make stupid decisions, they bear the responsibility for those stupid decisions. I thought conservatives were supposed to understand personal responsibility. I guess not.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Why did the banks change their policy? I believe I answered it in an earlier post.
    What do you suggest?
    You actually didn't answer it in an earlier post. You have yet to acknowledge why banks changed their policies, which I posted.

    And it has nothing to do with your OP which is about the regulation of payday lenders.
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  9. #29
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    They are not a 300% interest rate, that's utterly absurd and a complete lie, cooked up by opponents. They are usually 2 week loans meant to get you through to your next paycheck. Last I was aware, the highest loan allowable by law was $300 with a $40 fee attached. You got $300, you had to pay back $340. Where do you get the idea that $40 is 300% of $300?
    Why don't you read the link in the OP before going off half-cocked like that?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    That is their problem. If they make stupid decisions, they bear the responsibility for those stupid decisions. I thought conservatives were supposed to understand personal responsibility. I guess not.
    Now you lost me. Where the hell did I say that there's no personal responsibility involved? What the hell do you think a "stupid tax" is anyway?

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