View Poll Results: Pay day loans

Voters
44. You may not vote on this poll
  • Regulate - Yes

    36 81.82%
  • Regulate - No

    7 15.91%
  • No opinion

    1 2.27%
Page 37 of 40 FirstFirst ... 273536373839 ... LastLast
Results 361 to 370 of 399

Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #361
    Sage
    gdgyva's Avatar
    Join Date
    Jun 2014
    Location
    Twinsburg Ohio
    Last Seen
    Today @ 12:09 PM
    Gender
    Lean
    Slightly Conservative
    Posts
    5,956

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    be it payday lenders, or title lenders, they are both scum

    they give a bad name to the world of banking and finance

    but they provide a service.....that none other than the local loan sharks use to provide

    so do we dismantle the services, and send them back to the local loan sharks?

    or do we leave the businesses alone, and let the people that use them continue to get into financial straights

    or do we shut them down?

    those are you only two alternatives......you cant force the business to change its stripes and its lending practices

    and in closing them down, are you hurting the people you are trying to help

    imo, we leave them open......

    if people want to pay 300% and over to borrow money short term, that is their business

    what is the adage......buyer beware
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

  2. #362
    long standing member
    justabubba's Avatar
    Join Date
    Dec 2005
    Last Seen
    Today @ 09:11 AM
    Gender
    Lean
    Independent
    Posts
    36,153

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by gdgyva View Post
    be it payday lenders, or title lenders, they are both scum

    they give a bad name to the world of banking and finance

    but they provide a service.....that none other than the local loan sharks use to provide

    so do we dismantle the services, and send them back to the local loan sharks?

    or do we leave the businesses alone, and let the people that use them continue to get into financial straights

    or do we shut them down?

    those are you only two alternatives......you cant force the business to change its stripes and its lending practices

    and in closing them down, are you hurting the people you are trying to help

    imo, we leave them open......

    if people want to pay 300% and over to borrow money short term, that is their business

    what is the adage......buyer beware
    anecdotal information that surprised me about this industry and customer behavior is that the borrowers are much more likely to repay these loans than those lower interest rate, conventional consumer loans. and the reasoning given was not so much because repayment curtailed the rapidly rising accrual of interest at the exorbitant rates, but because these debtors realized that if they do not repay these loans, then they will have nowhere else to turn in the future when they again need quick cash
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  3. #363
    Why so un**great?
    DifferentDrummr's Avatar
    Join Date
    Jul 2014
    Location
    Facepalm Beach
    Last Seen
    06-04-17 @ 04:57 PM
    Gender
    Lean
    Independent
    Posts
    5,818
    Blog Entries
    3

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    What? Wait....if anything, I am arguing the exact 180 degree opposite of a traditional conservative argument on this one....Good God, take off the blinders for a second.

    If you have been paying the slightest bit of attention around here you notice how my argument is getting thanked by traditional liberals, and panned by those to the right....

    That ought to tell you something....Ya think?
    Not really. Your case against payday lenders isn't what I have an issue with.

    It's the contempt that conservatives have for applying any personal responsibility to themselves. You, OTOH, seem to condone that behavior among them.
    I fight against the ignorant, irresponsible, and/or closed-minded.
    This group is the worst enemy of America and its freedoms. It includes, but is not limited to, all Trump supporters.

  4. #364
    Living in Gods country


    JANFU's Avatar
    Join Date
    Dec 2014
    Last Seen
    @
    Gender
    Lean
    Slightly Liberal
    Posts
    17,903

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by justabubba View Post
    here's reality: they are all of one box
    that box is labeled 'the most financially risky prospective borrowers who exist'
    if they were not so labelled they would have access to alternative credit at a more favorable interest rate
    these are signature loans. if they had collateral, they could have pawned those assets for quick cash ... which also indicates these debtors to be judgment-proof
    servicing and collecting these payday loans is going to be MUCH more difficult than recovering any less risky portfolio of loans
    this pool of borrowers has already demonstrated that they are a huge risk as debtors
    causing the cost of servicing/collecting those outstanding debts to be very expensive
    and the charge offs, where recovery is found not to be cost effective, is also going to be enormous when compared to any other group of borrowers
    so, the lender will eat a substantial portion of the principal loaned in aggregate, and will incur high labor costs to collect those accounts that are recoverable
    there is no way that someone would expose their cash to such high risk lending unless they were also going to generate a high rate of interest of offset the very high costs of such lending
    Thanks- I will check the links later- at work now.
    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.

  5. #365
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    Yesterday @ 03:53 PM
    Gender
    Lean
    Moderate
    Posts
    39,234

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    That's right Cephus, at one time in my life I was pretty irresponsible with money. I didn't make enough and made poor decisions with credit, along with being young and partying too much. That took us into bankruptcy. We lost everything.

    Since, I was at least smart enough to get the counsel of a family member that woke me up, and after some real pain and ten years we built back up to a 750+ score and own a home and have savings.

    Not everyone has that family to fall back on. Nor, do they wake the hell up. All I can tell you is my experience. No one ever offered the option to pay back the loan in three payments, and they absolutey did consistently offer roll over to distressed situations. I didn't find out about extended payback until my wife worked at one.

    So, you helpwd set one up. I hope you made a handsome profit.

    Now you can continue to attack me personally, or we can have a conversation. Which is it?
    Good for you for turning it around. Anyone can turn it around. You had a family member to help you figure it out, but credit counselers are everywhere.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  6. #366
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    Yesterday @ 03:53 PM
    Gender
    Lean
    Moderate
    Posts
    39,234

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by poweRob View Post
    True. I don't see a need to abolish them but the 400% plus interest rates need to be put to check.
    Then what is a reasonable fee for borrowing someone's money for 2 weeks?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  7. #367
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    Yesterday @ 03:53 PM
    Gender
    Lean
    Moderate
    Posts
    39,234

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Morning Rob...I think to be fair, Tres, and Cephus make a fair point that the original loan typically for a two week period is written for interest of $15 per $100 borrowed, So in a monthly model assuming that the original $100 is rolled over one time, that would equal an interest rate of 30% on that $100. Not horrible for someone with destroyed credit to get money lent to them. However, where I have a problem, is with the qualification process, and with the disclosure on how to get out of the loan. Also, I don't any longer think that abolishing this type of service to poor communities is a bad thing, but I do still think that the number of "roll overs" per se needs to be addressed.
    Let's say for the sake of argument they limit the number of rollovers to 5. What happens when the borrower still can't pay it back?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

  8. #368
    Sage

    Ahlevah's Avatar
    Join Date
    Aug 2009
    Location
    Flyoverland
    Last Seen
    Today @ 12:53 PM
    Gender
    Lean
    Other
    Posts
    5,925

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    I'm not so sure we still don't....And we outlawed that practice...So, I guess short of breaking legs, anything goes....right?
    The point is if people are determined to act against their own self-interest there's little you, I, or the the government can do about it. I mean, let's take as an example people with a gambling addiction. Does anyone seriously think that regulating payday lenders will help gambling addicts? If a gambler saves a few dollars in interest that just means he can bet a few more bucks on the Celtics at home against the Knicks with Guido's cousin Sal.
    Нава́льный 2018

  9. #369
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    Yesterday @ 09:18 PM
    Gender
    Lean
    Conservative
    Posts
    30,322

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Not really. Your case against payday lenders isn't what I have an issue with.

    It's the contempt that conservatives have for applying any personal responsibility to themselves. You, OTOH, seem to condone that behavior among them.
    Well, if it's about me, then you're in the wrong place.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

  10. #370
    Sage
    j-mac's Avatar
    Join Date
    Mar 2009
    Location
    South Carolina
    Last Seen
    Yesterday @ 09:18 PM
    Gender
    Lean
    Conservative
    Posts
    30,322

    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Let's say for the sake of argument they limit the number of rollovers to 5. What happens when the borrower still can't pay it back?
    Then they are SOL and should be. But the biggest thing i think is in the qualification. If someone brings home $600 every 2 weeks there is no way they should be able to write for $500.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

Page 37 of 40 FirstFirst ... 273536373839 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •