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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #71
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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.
    I agree. They are a scourge. And should be reigned in.
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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.
    At what price? I'm not saying that they aren't a resource for those in dire situations, but they are straight up loan sharks.
    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 Declan View Post
    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.
    I've noticed that too. About a month ago I was coming back from the movie theater in Olympia to my home near Shelton Washington and so I get off the highway and there's an exit with a Walmart and a gas station stuff and I need is a few groceries so I pull into the Walmart Guy in front of Walmart roaches me and tells the story about how his car is out of gas and he lives in Yakima ( which is 130 miles away) so I think about it a second and say okay if you pull your car up to the gas station I'll buy you 10 gallons of gas that should get you to Yakima if enough left over to go around town a bit. Suddenly his car wasn't there at the Walmart it was 5 miles up the road, so I offer take him up to his car with a gas can and then he gets really mad at me and walks away
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    At what price? I'm not saying that they aren't a resource for those in dire situations, but they are straight up loan sharks.
    They are not a resource it all. A friend of mine took out a couple loans from one of those places, and I asked him why he took them and he said he didn't have enough money for his bills at the end of the month, so I sat down with him and his paystub's and bills and we work out as budget and it turned out the problem was not that he didn't have enough money the problem was that he simply didn't spend it according to a budget. He has cents paid off the payday loans and hasn't darken their doorstep sense
    Quote Originally Posted by Dr. Chuckles View Post
    No one cares about your stupid hippy logic
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    The government's going to make things better for us? Again?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  6. #76
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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?
    I grew up poor thus I understand the trap of payday loans. If you cannot pay your bills with this paycheck, then how are you going to pay them with the next, plus pay back the principle on your loan, plus pay back the exorbitant interest on that principle? The vast majority of the time you can't and that is why some 80% of payday loans get rolled over. The service payday loans offer to a poor community is no different than the service a loan shark offers a poor community. They are a leach upon the communities they are in. They prey upon the working poor, people that are desperate and have no real concept of the cost of credit.

    Let's say you are late on your rent. You can do one of the following:

    1. You can go down to the local payday lender and hopefully borrow the money you don't have.

    2. You can have an embarrassing talk with your landlord and hopefully work something out.

    Of those two options which do you think is the better? I would say option 2. It is always a bad idea to borrow money to pay for a recurring expense that you cannot currently afford because it only pushes that problem down the road a little bit and exacerbates it. The problem is payday lenders are like making a deal with the devil in that they make it seem so painless to come in and take option 1 in such a scenario.

    The fact is at least 9 out 10 people that walk into a payday lender are making a bad choice by doing so. There is almost always a better option than a payday lender if you need money. If you need money for food, then worst case scenario you can go to a food bank or church. If you are short on rent its always better to try to work something out with your landlord. If you are short on a car payment you can call the car lot and work something out (and if you are several payments late then the payday lender only delays the inevitable). The worst thing you can ever do is go down and borrow money for expenses you cannot afford now against future earnings that will be just as insufficient for paying your expenses as your current paycheck was.
    "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 Cephus View Post
    They are not a 300% interest rate, that's utterly absurd and a complete lie, cooked up by opponents. They are usually 2 week loans meant to get you through to your next paycheck. Last I was aware, the highest loan allowable by law was $300 with a $40 fee attached. You got $300, you had to pay back $340. Where do you get the idea that $40 is 300% of $300?

    40 300 14 days
    13.33% 0.95% 342.86%


    actually it exceeds 300% if my math is correct

    $ 40 charge over 14 days equates to a daily rate of .95% x 360 days most banks use for a calculation = 342.86%

    someone can check my math, but i believe i am right

    these are predatory lending places....i hate them and the car title places

    but....should they be regulated?

    no....if you going there you have no other options.....and it is always buyer beware
    “Most of the shadows of this life are caused by standing in one's own sunshine.”

    Ralph Waldo Emerson

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by tres borrachos View Post
    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.
    Yes, he needs to do that too, and commerce needs regulation to protect Americans from predatory business practices. I can assure you that you wouldn't want to live in an unregulated society.
    Killing one person is murder, killing 100,000 is foreign policy

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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.
    I'm well aware of the various reasons why people sometimes end up with a 525 credit score. It's not ALL an issue of irresponsibility. Furthermore, some people have 90 IQ's and some have 140 IQ's, some people leave college with a 2.7 and a few leave with 4.0. Regulation is about protecting people, not about punishing or holding people back.
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by American View Post

    Well they forgot once they regulate it down or make it so difficult for people to get loans. Then Loan Sharking will return. For some people either way they will need to find a way to get the money.


    A payday loan doesn't solve a financial crisis; it creates one," says Uriah King, senior policy associate at the Center for Responsible Lending in Durham, N.C. "The typical payday borrower ends up in a debt trap because they have to go back and get another payday loan to help repay the first one, then another, then another."

    As the payday lending industry becomes more tightly regulated and industry opponents publicize its shortcomings, consumers may wonder what alternative options are available.....snip~

    Read more: 4 alternatives to payday lending
    Follow us: @Bankrate on Twitter | Bankrate on Facebook

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