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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #51
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    The banks' lending policies are getting scrutinized by, regulated by, and clamped down on by the CFPB.

    I don't need your anecdote about bank managers being your friends. I've been posting about the CFPB and banking for 2 years. I know it intimately, and not through friends who work as managers in branches. I'm speaking from real world and very deep understanding.

    The banks aren't the monsters here, nor is it their fault that people turn to payday lenders. And regulating payday lenders out of business is only going to hurt the people who rely on them for cause and as the last resort.
    Poor people use payday lenders because they are there. Before there were all these payday lenders they went to pawn shops. At least with a pawn shop they did not end up in the kind of vicious cycle they end up in with payday lenders. Worst case scenario with a pawn shop was the pawn shop kept their item. On balance I think payday lenders do more harm than good.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    What is the rate of return for these companies. If they were losing money, they would not be in it.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Cephus View Post
    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.
    Bet they are financed by banks?
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    Hillary is the only defense I or anyone else needs.
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    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.

  4. #54
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    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.
    If you wish to research this, fell free to. I have no intention of doing this.
    If you don't work in or around the banking and regulatory industry, which you don't, you shouldn't post about something you don't know (having friends who are bank managers isn't experience).

    Most banks in this country and most credit unions in this country do not use automated underwriting tools for consumer non-real estate loans, and there are no automated underwriting tools for personal unsecured credit lines. These loans are made the same way they have always been made, which involves risk rating the loan and using such factors as the applicant credit history to make the decision, but not limiting the decision to credit history.

    Bankers don't get bonuses on small consumer loans.

    The reason why banks and credit unions don't lend to credit risks anymore is because of the regulations on risk management and the requirements each one has to meet in order to stay in their business, and because all of their loans get scrutinized by their primary regulator in their Safety & Soundness exams. It has nothing to do with "process, computer programs that makes it a clear cut decision".

    Banks and credit unions won't lend to people who put them at risk. Those people need to either clean up their credit & financial positions, borrow money from relatives or friends, take payday loans, or be out of luck.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

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

    Fools nobody except you.
    What is it that you didn't understand about what he said?
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    Poor people use payday lenders because they are there. Before there were all these payday lenders they went to pawn shops. At least with a pawn shop they did not end up in the kind of vicious cycle they end up in with payday lenders. Worst case scenario with a pawn shop was the pawn shop kept their item. On balance I think payday lenders do more harm than good.
    They definitely do more harm than good to the people who borrow the money without being able to pay it back. I would never consider a payday lender, but if doG forbid I had to, I would know what the cost is I owe to the lender after the 2 weeks or 2 pay periods is up, and make damn sure I can pay it back before I sign anything.
    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 JANFU View Post
    What is the rate of return for these companies. If they were losing money, they would not be in it.
    Who said they were losing money? If you make a profit for providing a service, you aren't a vulture.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    The same could be said for loan sharks though.
    As far as I know, loan sharks aren't licensed lenders.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    They definitely do more harm than good to the people who borrow the money without being able to pay it back. I would never consider a payday lender, but if doG forbid I had to, I would know what the cost is I owe to the lender after the 2 weeks or 2 pay periods is up, and make damn sure I can pay it back before I sign anything.
    Well I will just tell you this, and its not a PC thing to say, but as someone that grew up very poor and thus was around a lot of very poor people, the majority of poor people are easy pickings for payday lenders. They live paycheck to paycheck and in my opinion one of the main reasons they need to be better regulated is not just to protect the working poor from payday lenders but also to protect the working poor from themselves. No one is getting helped out by getting a loan that to pay back imposes a greater hardship than just doing without the money does.
    "You're the only person that decides how far you'll go and what you're capable of." - Ben Saunders (Explorer and Endurance Athlete)

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    There are some points that I disagree with by some member.
    Please do not take offense.
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    Still a grand day, great supper and I rolled me a big fat one and yep, not the best, rather harsh but a cold beer in my hand.
    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.

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