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Consumer Protection Agency Seeks Limits on Payday Lenders

Pay day loans

  • Regulate - Yes

    Votes: 36 81.8%
  • Regulate - No

    Votes: 7 15.9%
  • No opinion

    Votes: 1 2.3%

  • Total voters
    44
You're saying that these places do their due diligence and only offer what people can afford, and you claim to have had a hand in setting one up. I on the other hand have a spouse that worked for Check into Cash. So, I'd really be interested in what you think due diligence is for these places.

You have to have verifiable income. You have to have a bank account. You have to be over 18. You have to be a real person. Are you saying that they're loaning money to people who don't exist?
 
You're saying that these places do their due diligence and only offer what people can afford, and you claim to have had a hand in setting one up. I on the other hand have a spouse that worked for Check into Cash. So, I'd really be interested in what you think due diligence is for these places.

They all have to verify employment and income and make good decisions on who to give money to and who to send packing. Do you honestly think they give any amount of money to any idiot that walks in the door?
 
Well, if it's about me, then you're in the wrong place.

I'll grant that you accepted personal responsibility for past mistakes, and that's rare for a conservative to do publicly. Good on you for it.

You (all of you) just need to tell your elected officials to do the same.
 
You have to have verifiable income. You have to have a bank account. You have to be over 18. You have to be a real person. Are you saying that they're loaning money to people who don't exist?

Cephus said:
They all have to verify employment and income and make good decisions on who to give money to and who to send packing. Do you honestly think they give any amount of money to any idiot that walks in the door?

Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?
 
I'll grant that you accepted personal responsibility for past mistakes, and that's rare for a conservative to do publicly. Good on you for it.

You (all of you) just need to tell your elected officials to do the same.

What is it you'd like elected officials to bear their soul on to you?
 
Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?

Oh yes they do. If they don't, they're idiots and deserve to be ripped off. Anyone can print a pay stub. Anyone can get fired from their job and take in their last pay stub. If the company your wife worked for didn't call every single reference, the landlord and the employer before handing over a single red cent, they're morons.
 
Oh yes they do. If they don't, they're idiots and deserve to be ripped off. Anyone can print a pay stub. Anyone can get fired from their job and take in their last pay stub. If the company your wife worked for didn't call every single reference, the landlord and the employer before handing over a single red cent, they're morons.

I'll have to ask her when she gets home, but I don't think they did....
 
When they start regulating when I can brush my teeth, I'm putting my foot down.
 
What is it you'd like elected officials to bear their soul on to you?

Owning up to their mistakes, and proposing how to solve the problems caused by their mistakes, is plenty for me.

(As it is now, they just try to blame the other side for the problems they caused.)
 
Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?

If $575 of that $600 for that 2 weeks is supposed to pay for the rent, they often need it before their employer gives it to them - or they get evicted.

And I don't know that the problem is that people are asking for payday loans for every red cent of their paychecks anyway. But even if they are, they're already in big trouble. Bad credit, overextended, etc. If the car breaks down and they need $500 to repair it, what should they do?
 
Verifying income consists of bringing in the most recent paystub. They don't call your work or anything. So, what I am saying is what I outlined before...you have a person that makes a take home, or net pay of $300 per week, they borrow $500 with a payback in two weeks of $575. Now Tres already alluded to her thinking that was just fine... I am saying that you can't take all but $25 of a persons income and think that is ok...You have got to know that these people are living paycheck to paycheck, and if you take all of their pay, they can't pay other bills, and will likely default on you, at which time you just deposit their check which bounces and costs them more fees they don't have...

I think that a limit of 50% of take home pay is plenty to borrow and have to give up in two weeks...This isn't supposed to be a long term arrangement right?
conservatives of your ilk seem unsatisfied trying to tell us what to do with our bodies, now you want to tell us what we can and cannot do with our money
 
If $575 of that $600 for that 2 weeks is supposed to pay for the rent, they often need it before their employer gives it to them - or they get evicted.

And I don't know that the problem is that people are asking for payday loans for every red cent of their paychecks anyway. But even if they are, they're already in big trouble. Bad credit, overextended, etc. If the car breaks down and they need $500 to repair it, what should they do?

That's the problem. I've asked for other solutions and none of these people have any. Some are honest about it, lots of others just pretend the question was never asked. What they're essentially doing is taking the only workable solution we currently have, telling the poor that they can't have it, replacing it with nothing better, and pretending they're doing the poor a favor.

I bet they never asked the poor.
 
Owning up to their mistakes, and proposing how to solve the problems caused by their mistakes, is plenty for me.

(As it is now, they just try to blame the other side for the problems they caused.)

Ok, So you want politicians to come out and just give their opposition ammunition to defeat them...Yeah, I am thinking that is NEVER going to happen.
 
Most of them do verify your employment now, j.

Yeah, if by verification you mean checking that they have a current paystub within the last two weeks then yes, actually making contact with the employer? No, at least not as a rule...

This is what you need to walk in and write a $500. check

1. Current paystub
2. Electric or utility bill
3. Current Bank Statement
4. Driver licence or State ID

they do run you name and DL number, at least here in SC through a data base to make sure that you don't have any other PD loans out, or that you haven't defaulted on one...But other than that not any verification that you would think would be meaningful, or doesn't address the issue of basically taking over their next paycheck entirely....

But, you're actually right about some things...after being in here arguing this, I, in the end really don't care if people want to be stupid, and take out these crappy loans...It isn't my money....I just think it is astonishing some of the attitude I get in here for the slightest step out of the line, not from you necessarily but in general from people....
 
conservatives of your ilk seem unsatisfied trying to tell us what to do with our bodies, now you want to tell us what we can and cannot do with our money

"Conservatives of my ilk"? What the hell are you talking about? Nobody's telling you what to do, if you want to be stupid with your money who am I to stand in your way? have at it.

"my ilk" hurumph! What a load. :roll:
 
That's the problem. I've asked for other solutions and none of these people have any. Some are honest about it, lots of others just pretend the question was never asked. What they're essentially doing is taking the only workable solution we currently have, telling the poor that they can't have it, replacing it with nothing better, and pretending they're doing the poor a favor.

I bet they never asked the poor.

And People have tried to talk to you about it, but instead of having a conversation, you just want people to say you're right....ah well, I don't care anymore.
 
Ok, So you want politicians to come out and just give their opposition ammunition to defeat them...Yeah, I am thinking that is NEVER going to happen.

Voters are going to be much more inclined to forgive mistakes that aren't covered up or blamed on someone else.
 
Voters are going to be much more inclined to forgive mistakes that aren't covered up or blamed on someone else.

Yeah, well, you're kidding yourself if you think that a politician is going to get up and admit any kind of mistakes that will be used against them.
 
And People have tried to talk to you about it, but instead of having a conversation, you just want people to say you're right....ah well, I don't care anymore.

I guess you asked your wife and she told you that you were wrong, huh?
 
I guess you asked your wife and she told you that you were wrong, huh?

No, as I told Tres earlier...No one at the employer is called to verify anything about these people...They simply require that you provide you latest paystub. That is their verification.
 
No, as I told Tres earlier...No one at the employer is called to verify anything about these people...They simply require that you provide you latest paystub. That is their verification.

And both I and Tres said that's utter insanity and completely irresponsible on the part of these store owners. Still, their money, they can throw it away if they want.
 
If that's what you expect from them, that's how they'll behave.

So long as the American public allows them to get away with it, they're going to continue to try to get away with it. Toss the bums out of office that act unethically and they'll stop acting that way.
 
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