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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #381
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

    I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?
    Oh yes they do. If they don't, they're idiots and deserve to be ripped off. Anyone can print a pay stub. Anyone can get fired from their job and take in their last pay stub. If the company your wife worked for didn't call every single reference, the landlord and the employer before handing over a single red cent, they're morons.
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  2. #382
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    Oh yes they do. If they don't, they're idiots and deserve to be ripped off. Anyone can print a pay stub. Anyone can get fired from their job and take in their last pay stub. If the company your wife worked for didn't call every single reference, the landlord and the employer before handing over a single red cent, they're morons.
    I'll have to ask her when she gets home, but I don't think they did....
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    When they start regulating when I can brush my teeth, I'm putting my foot down.

  4. #384
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    What is it you'd like elected officials to bear their soul on to you?
    Owning up to their mistakes, and proposing how to solve the problems caused by their mistakes, is plenty for me.

    (As it is now, they just try to blame the other side for the problems they caused.)
    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.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    I'll have to ask her when she gets home, but I don't think they did....
    Most of them do verify your employment now, j.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

    I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?
    If $575 of that $600 for that 2 weeks is supposed to pay for the rent, they often need it before their employer gives it to them - or they get evicted.

    And I don't know that the problem is that people are asking for payday loans for every red cent of their paychecks anyway. But even if they are, they're already in big trouble. Bad credit, overextended, etc. If the car breaks down and they need $500 to repair it, what should they do?
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

    I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?
    conservatives of your ilk seem unsatisfied trying to tell us what to do with our bodies, now you want to tell us what we can and cannot do with our money
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  8. #388
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    If $575 of that $600 for that 2 weeks is supposed to pay for the rent, they often need it before their employer gives it to them - or they get evicted.

    And I don't know that the problem is that people are asking for payday loans for every red cent of their paychecks anyway. But even if they are, they're already in big trouble. Bad credit, overextended, etc. If the car breaks down and they need $500 to repair it, what should they do?
    That's the problem. I've asked for other solutions and none of these people have any. Some are honest about it, lots of others just pretend the question was never asked. What they're essentially doing is taking the only workable solution we currently have, telling the poor that they can't have it, replacing it with nothing better, and pretending they're doing the poor a favor.

    I bet they never asked the poor.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

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  9. #389
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Owning up to their mistakes, and proposing how to solve the problems caused by their mistakes, is plenty for me.

    (As it is now, they just try to blame the other side for the problems they caused.)
    Ok, So you want politicians to come out and just give their opposition ammunition to defeat them...Yeah, I am thinking that is NEVER going to happen.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Most of them do verify your employment now, j.
    Yeah, if by verification you mean checking that they have a current paystub within the last two weeks then yes, actually making contact with the employer? No, at least not as a rule...

    This is what you need to walk in and write a $500. check

    1. Current paystub
    2. Electric or utility bill
    3. Current Bank Statement
    4. Driver licence or State ID

    they do run you name and DL number, at least here in SC through a data base to make sure that you don't have any other PD loans out, or that you haven't defaulted on one...But other than that not any verification that you would think would be meaningful, or doesn't address the issue of basically taking over their next paycheck entirely....

    But, you're actually right about some things...after being in here arguing this, I, in the end really don't care if people want to be stupid, and take out these crappy loans...It isn't my money....I just think it is astonishing some of the attitude I get in here for the slightest step out of the line, not from you necessarily but in general from people....
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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