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

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Which doesn't change a thing really. These people need that money. You can put all the controls on the lenders that you want, it doesn't change the fact that these people need that money. If a legal means vanishes, they'll just turn to an illegal means. You can't make these people stop needing the money by wishing really hard. So what is your workable solution?
    Why do I personally have to have all the answers? Isn't that what we elect people for? This incessant tactic around here to say that if I don't know how to fix every facet of a particular problem means that I can't hold an opinion on the problem, or speak to the problem is just plain dumb if you ask me.

    If your fine with people being taken advantage of in the name of business then fine, that's on you.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Why do I personally have to have all the answers? Isn't that what we elect people for? This incessant tactic around here to say that if I don't know how to fix every facet of a particular problem means that I can't hold an opinion on the problem, or speak to the problem is just plain dumb if you ask me.

    If your fine with people being taken advantage of in the name of business then fine, that's on you.
    Okay, so then your problem isn't the fees or the cost, or that responsible people actually need the money and follow the rules, and payday lenders are a net positive for those people. The problem you seem to have with payday lenders is that people are too stupid to know they shouldn't borrow $500 if they can't pay it back on time and as agreed, and therefore it's the fault of the payday lenders that these people are too stupid to take care of themselves.

    That's exactly what the left said about the "predatory lenders" over the last few years. People are too stupid to take care of themselves, so we need Uncle Sam to come in and make those mean, nasty, predatory banks suffer because people have to be protected from their own stupidity.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Okay, so then your problem isn't the fees or the cost, or that responsible people actually need the money and follow the rules, and payday lenders are a net positive for those people. The problem you seem to have with payday lenders is that people are too stupid to know they shouldn't borrow $500 if they can't pay it back on time and as agreed, and therefore it's the fault of the payday lenders that these people are too stupid to take care of themselves.

    That's exactly what the left said about the "predatory lenders" over the last few years. People are too stupid to take care of themselves, so we need Uncle Sam to come in and make those mean, nasty, predatory banks suffer because people have to be protected from their own stupidity.
    Morning Tres. You say that "responsible people need the money and follow the rules" would you catagorize taking a revolving payday loan as "responsible"?

    If people are going to use these places as a credit card, then apply those rules to them. Cap the APR at 30%
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Morning Tres. You say that "responsible people need the money and follow the rules" would you catagorize taking a revolving payday loan as "responsible"?

    If people are going to use these places as a credit card, then apply those rules to them. Cap the APR at 30%
    Happy Thursday J,

    What isn't responsible about it? If you need $500 for an emergency, and don't have it, but know you'll have $575 in 2 weeks, what business is it of ours to say that isn't responsible to borrow the money? What if not borrowing meant $35 in overdraft charge from your bank, $25 in a return check charge from the vendor you pay, and cutting off your electricity and having to pay another $35 fee to hook it back up, not to mention losing your power?

    And if the APR was 30%, what would the fee be? You still haven't said what you think a reasonable fee should be.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Happy Thursday J,

    What isn't responsible about it? If you need $500 for an emergency, and don't have it, but know you'll have $575 in 2 weeks, what business is it of ours to say that isn't responsible to borrow the money? What if not borrowing meant $35 in overdraft charge from your bank, $25 in a return check charge from the vendor you pay, and cutting off your electricity and having to pay another $35 fee to hook it back up, not to mention losing your power?

    And if the APR was 30%, what would the fee be? You still haven't said what you think a reasonable fee should be.
    What isn't responsible is that they don't have the $575 if they go back the next day and take back another $500 do they?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    My opinion -Pay day loans prey upon the poor- but where else can they turn - banks- forget it.
    http://dealbook.nytimes.com/2015/02/...enders/?ref=us

    In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 percent.

    Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.
    Sorry like but think you are lucky. 300%!?

    5500% in the UK!

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Happy Thursday J,

    What isn't responsible about it? If you need $500 for an emergency, and don't have it, but know you'll have $575 in 2 weeks, what business is it of ours to say that isn't responsible to borrow the money? What if not borrowing meant $35 in overdraft charge from your bank, $25 in a return check charge from the vendor you pay, and cutting off your electricity and having to pay another $35 fee to hook it back up, not to mention losing your power?

    And if the APR was 30%, what would the fee be? You still haven't said what you think a reasonable fee should be.
    Sounds really good when you put it like that but its like using a shotgun to blow off a leg that has an infection. Because 500 turns into 575 then turns into 1000 then turns into 2000 and so on.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Why do I personally have to have all the answers? Isn't that what we elect people for? This incessant tactic around here to say that if I don't know how to fix every facet of a particular problem means that I can't hold an opinion on the problem, or speak to the problem is just plain dumb if you ask me.

    If your fine with people being taken advantage of in the name of business then fine, that's on you.
    Because you're the one proposing that we change the system, you just have no idea how to actually change it. The system works, the people involved in these transactions aren't being harmed, they are doing it willingly, understanding the consequences. It's only the people on the outside who are trying to save these people from themselves. The system ain't broke. Stop trying to fix it unless you have a better solution.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Because you're the one proposing that we change the system, you just have no idea how to actually change it. The system works, the people involved in these transactions aren't being harmed, they are doing it willingly, understanding the consequences. It's only the people on the outside who are trying to save these people from themselves. The system ain't broke. Stop trying to fix it unless you have a better solution.
    It is broke, next to no regulation, these people have no where else to turn.
    Why should they not be regulated, other lending institutions are?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    What isn't responsible is that they don't have the $575 if they go back the next day and take back another $500 do they?
    So? That isn't the lender's problem. And that certainly isn't the problem of the people who can borrow and pay it back as agreed. It doesn't mean it isn't responsible for the people who actually are responsible. I know in America we seem to like to reduce everything down to the lowest common denominator, but we shouldn't always have to. The people who have to borrow from payday lenders are doing so because they screwed up somewhere along the line, and can't get credit as you & I can. This is the only way they can get emergency cash. Should those people be punished again because there are idiots out there who borrow $500 on February 20, promise to pay back $575 on March 6, and then piss away the $575 before then....or worse yet, knew up front that they wouldn't have $575 on March 6?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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