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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #61
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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.
    the tragedy I have witnessed here is that when you hire someone who is restarting life, recovering from addictions , a first job clean and sober you watch the poor son of a bitch sliding backwards through no fault of his own. He makes $400 one week and after allocating essentials he has $80 bucks to get him to next week and wham, an emergency. He borrows $200 on next week's pay, and wham, it rains too hard to work much. He can lose hope and start using again....and he did not create that.

    I do not have an answer but when I ran a non profit for rehabilitating through work we were the ones who lent against pay checks ..and no interest, but that is not a sustainable solution
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by SouthernDemocrat View Post
    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.
    Then you, having grown up poor, probably understand as much as anyone the need to be able to borrow money when you need it for an emergency. And that's what payday loans were intended for - emergency cash. For some reason they've become something else. And if they're driven out of business, then the people who do need them on occasion won't have access to them. Why should those people be penalized because other people need to be protected from themselves?

    And what's the alternative for the poor people?
    Last edited by tres borrachos; 02-09-15 at 09:00 PM.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Fearandloathing View Post
    the tragedy I have witnessed here is that when you hire someone who is restarting life, recovering from addictions , a first job clean and sober you watch the poor son of a bitch sliding backwards through no fault of his own. He makes $400 one week and after allocating essentials he has $80 bucks to get him to next week and wham, an emergency. He borrows $200 on next week's pay, and wham, it rains too hard to work much. He can lose hope and start using again....and he did not create that.

    I do not have an answer but when I ran a non profit for rehabilitating through work we were the ones who lent against pay checks ..and no interest, but that is not a sustainable solution
    Hey, there are always legitimate hard luck stories. I get that. But most hard luck stories aren't because of situations like you outlined, and most people who take these loans don't understand what they have to pay back (even though by law it has to be disclosed on the agreements they sign) which is why they enter the cycle of rolling the loans.

    The only alternative is similar to what you mentioned, but that requires private capital. Or a nationalized lending system set up by the CFPB.
    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
    My opinion -Pay day loans prey upon the poor- but where else can they turn - banks- forget it.
    http://dealbook.nytimes.com/2015/02/...enders/?ref=us

    In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 percent.

    Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.
    They should be outlawed. Yes they prey upon the poor, and unfortunately many people who use them do so because they have bummed off their friends and relatives without repaying the debt to the point that they have nobody else to turn to. I don't carry cash and my bank doesn't have ATM's. If somebody needs gas or diapers, then they only get what I buy them in person. I have learned that they are less likely to come to me when I am not handing out cash but will buy whatever it is they allegedly need.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    if you make contract with a person or entity, and you AGREE TO THE CONTRACT what ever the interest rate, why should government be involved?

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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.
    It isn't interest. It is a failure of the borrower to follow through on their agreement. Some people just aren't bright enough to recognize that.
    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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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by JANFU View Post
    Bet they are financed by banks?
    Bet who is? Certainly not the people going to payday advance places. People deserve to reap the rewards of their actions.
    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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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    Hey, there are always legitimate hard luck stories. I get that. But most hard luck stories aren't because of situations like you outlined, and most people who take these loans don't understand what they have to pay back (even though by law it has to be disclosed on the agreements they sign) which is why they enter the cycle of rolling the loans.

    The only alternative is similar to what you mentioned, but that requires private capital. Or a nationalized lending system set up by the CFPB.
    I do not disagree that the majority of this business is capitalizing on the stupid, one of the categories I first outlined. Deciding to get a $50 advance for a couple of grams of pot four times between pay checks of $300 is where they make the serious coin. And, as usual, others unintentionally get swept up in the carnage.

    Go to Vegas, attend an AA meeting, you will know more about Nevada bankruptcy law than you care to. And for every one of them there are an estimated 5 who go down with them, usually holding the tab
    ""You know, when we sell to other countries, even if they're allies -- you never know about an ally. An ally can turn."
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    What is it that you didn't understand about what he said?
    I stand corrected. It fools you as well.
    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 tres borrachos View Post
    For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
    No they really don't. Poor people with basic financial literacy would not need to use such a service
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
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