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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 JANFU View Post
    Longer terms with out the constant rollover and new fees added every 2 weeks.
    Longer terms? Define "longer terms". They're called "payday loans" for a reason, you know.

    They don't automatically rollover, by the way. The person who borrows the money has to accept the rollover. These are not lines of credit and they are not evergreen loans.

    New fees added every 2 weeks? What does that mean?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Longer terms? Define "longer terms". They're called "payday loans" for a reason, you know.

    They don't automatically rollover, by the way. The person who borrows the money has to accept the rollover. These are not lines of credit and they are not evergreen loans.

    New fees added every 2 weeks? What does that mean?
    When the loan is renewed, it begins with fees added, does it not, so it is a new 2 week loan does come with a loan fee does it not?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    When the loan is renewed, it begins with fees added, does it not, so it is a new 2 week loan does come with a loan fee does it not?
    The "fees" are based on how much the borrower asks to borrow. If the borrower borrows $500, and the fee is $75, and he can't/won't pay it back at the end of the term that he agreed to, and he borrows $575 (which is what he owes), he'll have new fees. Because there is a cost to borrowing someone else's money. And in order to borrow someone else's money, you have to pay a fee. That's up to the borrower to decide how badly he wants to borrow someone else's money.

    So you're suggesting regulating people?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    The "fees" are based on how much the borrower asks to borrow. If the borrower borrows $500, and the fee is $75, and he can't/won't pay it back at the end of the term that he agreed to, and he borrows $575 (which is what he owes), he'll have new fees. Because there is a cost to borrowing someone else's money. And in order to borrow someone else's money, you have to pay a fee. That's up to the borrower to decide how badly he wants to borrow someone else's money.

    So you're suggesting regulating people?

    Most initiatives of this sort are a a law preventing stupidity. Of course if you fail to nee the terms and conditions there is a penalty, even the IRS charges that...especially the IRS.

    These guys have to charge more because more people skip out.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    The "fees" are based on how much the borrower asks to borrow. If the borrower borrows $500, and the fee is $75, and he can't/won't pay it back at the end of the term that he agreed to, and he borrows $575 (which is what he owes), he'll have new fees. Because there is a cost to borrowing someone else's money. And in order to borrow someone else's money, you have to pay a fee. That's up to the borrower to decide how badly he wants to borrow someone else's money.

    So you're suggesting regulating people?
    No, just the business model that in many cases is self perpetuating.On this we clearly disagree.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    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?
    Says who? Certainly not the people who are actually involved in the transactions. You admit these people have nowhere else to turn, so when you shut down the industry because it's suddenly no longer profitable, what do you expect these people to do?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    No, just the business model that in many cases is self perpetuating.On this we clearly disagree.
    So the business model enables stupid, irresponsible people to be even more stupid and irresponsible, and because of that, it should be regulated.

    In other words, you want to regulate the behavior of people.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    So then don't borrow someone else's money.
    I don't. But for people who don't understand the vast amount of hidden predatory charges then I would also stop them preying on the people who are less fortunate or desperate. Same way I can protect myself from being raped (and I am a man) but I'm also happy to have police to stop others who can't protect themselves.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by cowen70 View Post
    I don't. But for people who don't understand the vast amount of hidden predatory charges then I would also stop them preying on the people who are less fortunate or desperate. Same way I can protect myself from being raped (and I am a man) but I'm also happy to have police to stop others who can't protect themselves.
    There's nothing hidden about the charges you pay when you take a payday loan. They have to comply with the Truth In Lending laws and have to disclose to you what you will pay. You have to sign it. Nothing hidden, and nothing predatory.

    And it's nice of you to assume that all other adults are too stupid to protect themselves so you have to do it for them, but this isn't a nanny state.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Says who? Certainly not the people who are actually involved in the transactions. You admit these people have nowhere else to turn, so when you shut down the industry because it's suddenly no longer profitable, what do you expect these people to do?
    Who is shutting the industry down? Come on now.
    Why do these people have no where to go for small loans except these predators?
    And that is what these companies are. That is their business model.
    And how someone can say they earned this type of treatment is beyond my ability to understand.
    Quote Originally Posted by Fenton View Post
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    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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