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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #41
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    "Orange-based lender CashCall Inc. has reached a settlement with the state in a predatory-lending investigation. The deal announced Thursday calls for CashCall to pay $1 million in penalties and make refunds to harmed consumers. At issue were small consumer loans that CashCall offered for "up to" $2,600, $5,000 or $10,000. The state claimed that CashCall steered consumers into taking loans larger than they needed because there are no interest rate restrictions on loans of $2,500 or more." On the loans at issue, CashCall typically charged annual interest of 135 percent or more, and sometimes up to 179 percent," the state Department of Business Oversight said in a statement announcing the settlement.

    Besides the fine, CashCall will pay harmed consumers $125 apiece..This is the latest in a series of enforcement actions against CashCall. Federal regulators filed a lawsuit against the company in 2013, claiming it was using deceptive and abusive practices to collect money that consumers did not owe...."
    O.C.-based CashCall fined for predatory lending, will pay refunds- The Big Blog: Orange County Register

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by DifferentDrummr View Post
    Not an excuse hit them with 300% interest rates.
    Wow, really, it gets that high?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus 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.
    I just finished reading the article. That's an old article and even credit unions won't make unsecured loans anymore to people with bad credit. Credit counseling won't help anyone get short term money. Cash advances on credit cards (which were suggested as an alternative) are an equally poor decision.

    People who need payday loans are, as you say, in very deep financial trouble to begin with. I'm confused how payday lenders are called names like "vultures" and other things. It isn't their fault that they offer a service to people who are spending beyond their means and got themselves in trouble.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    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.
    So the guy with the 525 score needs to work on catching up with his bills and paying down his debt, not borrowing more money.
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  5. #45
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Montecresto View Post
    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.
    No, America needs smarter, more responsible people who don't get into credit trouble in the first place. The guy with the 525 credit score *EARNED* that score, they aren't just handed out arbitrarily. They made their bed. Why are you so opposed to them lying in it? You have to prove yourself worthy of getting a loan by showing a history of paying back money borrowed. These people are not worthy of any kind of loan, that's what their credit score means. Therefore anyone crazy enough to give them a loan at all is going to charge a lot more because there is a lot more risk involved. Many of these people, as the article shows, are incapable or unwilling to pay those loans back.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Not sure in the US but they would have a Banking Act? Lending of monies- the worst case would be leaving it to the States- Canada left it to the provinces and still an issue here.
    Not sure that replacing Edmonton with Ottawa resolves any issues. I am fond of WAC Bennet's sentiment "anything from Ottawa can't be good for BC"

    Most of these operations skirt traditional banking laws, just as the check cashing stores do, thus specific regs are required. While the usury rates are still high, they are more reasonable, my issue is the need for them in the first place
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    So it's now the payday loan places to blame for a gambler's inability to control themselves? Seriously?
    If ever there was a post that was a deliberate attempt to deceive, we have it here..an incredibly stupid post
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    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.
    So "let's not call it 'interest,' let's call it a 'rollover,' dudes!" Right.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    You actually didn't answer it in an earlier post. You have yet to acknowledge why banks changed their policies, which I posted.

    And it has nothing to do with your OP which is about the regulation of payday lenders.
    At one time local managers, knowing the person could make or break a loan. Now it goes thru a process, computer program that makes it a clear cut decision. Managers that overrule a decision, these decisions are collected and are part and parcel of their bonuses. Overriding a comp prog decision, taking it to a higher level, waste of time.
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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.
    The same could be said for loan sharks though.
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