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Thread: Consumer Protection Agency Seeks Limits on Payday Lenders

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    Consumer Protection Agency Seeks Limits on Payday Lenders

    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.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    I agree they need to be tightly regulated with strict enforcement.

    Soon conservatives and libertarians will be here to claim that corporations only behave badly when the government forces them into it with their regulations.

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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
    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 tres borrachos View Post
    For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
    You left out people with gambling issues. There are LOTS of them using these services.

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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.
    That is a reflection on bank policies and an inability to access short term loans or even low credit lines.
    They are being picked over by vultures.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    You left out people with gambling issues. There are LOTS of them using these services.
    Not an excuse hit them with 300% interest rates.
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    Quote Originally Posted by Lutherf View Post
    You left out people with gambling issues. There are LOTS of them using these services.
    Link please.
    Quote Originally Posted by Fenton View Post
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    Quote Originally Posted by apdst View Post
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    Re: Consumer Protection Agency Seeks Limits on Payday Lenders

    they are pariah's

    but if there was no need, they would disappear

    so it is another case of the government stepping in, saying "we know what is best for you"

    personally i hate these, and car loan title shops

    they both give lending a really bad name

    but we have too many people who cant/wont control their finances themselves, who use these predatory lendors
    “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 Lutherf View Post
    You left out people with gambling issues. There are LOTS of them using these services.
    I'm sure I left out a lot of people with a lot of issues. People with gambling issues who have collateral, good credit, even 401Ks they can borrow from don't need to take payday loans. A payday loan is usually the last resort, and most states have payday loan ceilings which wouldn't cover any major gambling debts.
    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
    That is a reflection on bank policies and an inability to access short term loans or even low credit lines.
    They are being picked over by vultures.
    Banks don't make loans to people who are massive credit risks. And anyone with good credit can get short term loans and credit lines.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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