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    36 81.82%
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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

  1. #81
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by MMC 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.
    Bingo!

    Just the sight of these places as I'm driving down the street is enough to make my skin crawl but you are absolutely correct. The people who use them are desperate, foolish, uneducated, addicted, et al. Closing these places down will give rise to alternatives that are even worse and regulating them to the point where it becomes unprofitable for them to operate within the risk pool that they are dealing with will do just that.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Jack Fabulous View Post
    Bingo!

    Just the sight of these places as I'm driving down the street is enough to make my skin crawl but you are absolutely correct. The people who use them are desperate, foolish, uneducated, addicted, et al. Closing these places down will give rise to alternatives that are even worse and regulating them to the point where it becomes unprofitable for them to operate within the risk pool that they are dealing with will do just that.

    Well somebody will have to meet their needs.....offers will be made.



    Naturally high interest too.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Well then, the poll results are positive anyway, seems only a minority have lost their minds!
    Killing one person is murder, killing 100,000 is foreign policy

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    All this will do is eliminate the businesses altogether, so these folks will have ZERO legal options. It'll be loan sharks, broken legs, more prostitution and drug dealing, and generally more crime.

    Unless the government steps in of course and steals it for them legally.

    These places are ugly and unseemly, but they do serve a purpose. And the ridiculous interest rates are necessary for the high number of defaults that occur. They are loaning money to the worst credit scores in the nation after all.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Erod View Post
    All this will do is eliminate the businesses altogether, so these folks will have ZERO legal options. It'll be loan sharks, broken legs, more prostitution and drug dealing, and generally more crime.

    Unless the government steps in of course and steals it for them legally.

    These places are ugly and unseemly, but they do serve a purpose. And the ridiculous interest rates are necessary for the high number of defaults that occur. They are loaning money to the worst credit scores in the nation after all.
    Really now, predatory interest rates or nothing. Frankly, if these people need to rape the unfortunate to be happy, then let them go away.
    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 Montecresto View Post
    Really now, predatory interest rates or nothing. Frankly, if these people need to rape the unfortunate to be happy, then let them go away.
    If half or more of your borrowers are going to default, what interest rate would you require if you had to loan your money to these folks?

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Erod View Post
    All this will do is eliminate the businesses altogether, so these folks will have ZERO legal options. It'll be loan sharks, broken legs, more prostitution and drug dealing, and generally more crime.

    Unless the government steps in of course and steals it for them legally.

    These places are ugly and unseemly, but they do serve a purpose. And the ridiculous interest rates are necessary for the high number of defaults that occur. They are loaning money to the worst credit scores in the nation after all.
    In most cases I am for the free practice of business, but not in this case. "Payday loans" are loan sharking. And it isn't just the poor that get trapped by them.

    When we first moved to SC, my wife took a job working in one of these places for a short time. The stories she would tell are heartbreaking. And in most cases all these people need is a little counseling. When she did that, she got in trouble with her boss.

    These places are straight up evil.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by j-mac View Post
    In most cases I am for the free practice of business, but not in this case. "Payday loans" are loan sharking. And it isn't just the poor that get trapped by them.

    When we first moved to SC, my wife took a job working in one of these places for a short time. The stories she would tell are heartbreaking. And in most cases all these people need is a little counseling. When she did that, she got in trouble with her boss.

    These places are straight up evil.
    In my state, if I wanted to loan you money, there is a limit on the interest I can charge you because more than that would be unfair. If I were a "bank or registered lending institution", I could charge you 3 times that amount and the sate would be like, "Go for it!!"

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Erod View Post
    If half or more of your borrowers are going to default, what interest rate would you require if you had to loan your money to these folks?
    There's HUGE profits in these businesses! Regulation is a consumer protection, not a ban on reasonable profit. Hopefully CPA prevails.
    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 Declan View Post
    In my state, if I wanted to loan you money, there is a limit on the interest I can charge you because more than that would be unfair. If I were a "bank or registered lending institution", I could charge you 3 times that amount and the sate would be like, "Go for it!!"
    Are we talking Arkansas?
    Killing one person is murder, killing 100,000 is foreign policy

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