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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #31
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    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.
    If someone who has bad credit, no savings and no collateral, and is hiding an addiction and financial transactions from a spouse, that person has bigger problems than payday loans.
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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?
    They changed their policies because the risk was too high. Ultimately, this is just a take off on the pawn shop idea for people who don't have collateral. The fees aren't really much different, you either go in and pay off your loan or you lose your collateral. Loaning money isn't a charity, you have to balance the risks against the rewards and there is a ton of risk in this because a lot of people bounce checks and run away with the money and have to be chased around.

    I would suggest that people just be responsible with their money, but we know how well that works.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    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.
    And whose fault is this again?
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  4. #34
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Why don't you read the link in the OP before going off half-cocked like that?
    He was correct. You read this in the OP incorrectly:

    The bureau found that during a 12-month period, borrowers took out a median of 10 loans. Borrowers paid median fees of $458. The median amount borrowed was $350. And more than 80 percent of loans were rolled over or renewed within two weeks.

    A single payday loan (not median of people over a 12 month period) has limits on both the fees and the interest rate. In fact, many of them are sold as a "compare this to the cost of a bounced check" advantage.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    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?
    If people do stupid things, they deserve what they have coming to them. Trying to limit the damage they can do to themselves because they are too stupid to control their impulses isn't an exercise in personal responsibility, but in authoritarian control.
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  6. #36
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Why don't you read the link in the OP before going off half-cocked like that?
    It makes me wonder if you read it, or at least understood it. The only people who have problems are the ones who violate their initial agreement, ie. rolling over their loan again and again. Of course, the article isn't telling you the truth, they are playing numbers games. Rolling over a loan, say the $340 loan I mentioned earlier, they have to pay back the $40, then they can put off repaying the principle of the loan for another couple of weeks. These are all separate loans, yet the article tries to give you an APR on a 2-week loan. It's dishonest hackery.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    "..The size and ownership of the industry is both startling and unsettling for many. This billion dollar business counts as its major investors Barclays Global Investors UK Holdings Ltd. who has approximately $177 million invested in securities associated with payday loan organizations and The Vanguard Group, Inc. with roughly $115 million of similar industry assets. Other large institutional holders include Thomas W. Smith with over $79 million invested in the industry. Smith is the senior partner of Prescott Investors and serves as chairman of the board of the National Center for Policy Analysis (NCPA) a nonprofit organization whose stated goal is to develop and promote private alternatives to government regulation and control, solving problems by relying on the strength of the competitive, entrepreneurial private sector . Banking organizations, also large institutional owners of payday lenders, include Bank of New York Mellon Corporation with approximately $25 million invested in payday lending interests, JP Morgan Chase & Company holding about $21 million in such investments, and Bank of America Corporation with roughly $2 million in similar assets. Finally, and perhaps most troubling, are public funds invested in the industry such as CALPERS (California ‐ Public Employees Retirement System) that holds slightly more than a quarter of a million dollars in public employee retirement resources in the form of payday lender investments....."
    https://www.mccneb.edu/financialplan...ebruary_18.pdf

    Note that the same banks that can choose to avoid locating in low income neighborhoods profit from payday lending operations.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by American View Post
    The problem is, for the people who are most likely to get payday loans, none of those work. They have little or no consistent income, hence no bank or credit union will give them anything and credit counseling requires that you have an income sufficient to pay the bills you already have, it doesn't give you any more money to play with. These are typically people way over their heads already, who probably ought to just declare bankruptcy, but probably already have and can't again, who just want a few dollars to make rent or get groceries. These are not people who can, or probably ever will, be able to fix their financial life.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
    They serve a purpose, true, and hopefully those individuals that find themselves in the unfortunate circumstance of needing assistance of that nature find their way out. But in the mean time, the lenders should be regulated to protect people that are hopefully only temporarily in a tough spot aren't injured further by predatory interest rates. If a guy with an 800 pt. score gets 5% and a guy with 525 gets 10% (arbitrary numbers before you jump on that) I haven't an issue with that. But 25-30%, that's over the top. America needs consumer protection.
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