Pay Day Loans--Preying on Poor People

[ogibillm]

32% would be low for payday loans. aprs are realistically 200% or far more.

Over 300% and as high as 1900%.


.

The problem with applying APR as a measure is that most payday loans are for far short of a year. $20 for a $100 loan paid back in a month is 792% APR But is $20 on $100 actually unreasonable? I wouldn't think anything less would be worth the trouble of lending, especially considering the high risk.

I would argue that for those who do not rely on pay day loans, but only use them rarely, then they're not actually a bad thing and can help people out. But hidden fees, deceptive conditions, and people who repeatedly use the services do make them problematical.

i don't disagree with this. when missouri first started allowing riverboat gambling a law capped a person's losses at $500 for i believe 3 hours. eventually the casino lobby had the law overturned, but the idea was to keep people from getting too far over their heads too quickly.

i believe that the same sort of practice should be put into place with payday loans. it may require a database of short term loans in the state, but capping the number of loans a person can have, or how many times they can refinance, would in my opinion be of benefit to society.

 

[Katzndogz]

The problem with these payday loans is that they are misused. They are used to meet basic expenses rather than a one time extraordinary expense. Once someone needs a loan to meet basic expenses, the next payday they are short the amount needed to meet basic expenses and now even more short because they have paid the loan back. What they must do is adjust their expenditures.

 

[Lonestar_logic]

and i believe that society would benefit from tighter regulations. i don't hate capitalism and freedom, i hate indentured servitude.

Isn't entering into such a contract an expression of freedom?

Thank God this country isn't run on what you believe.

it's an expression of ignorance and stupidity with the result being indentured servitude.

i get that the libertarian, laissez faire belief that everyone should be allowed to do everything - sell drugs to children, price gouge during emergencies, sell tainted products to an unsuspecting consumer - but i believe that some regulation and oversight is necessary, and that the payday loan industry is currently under - or more accurately improperly - regulated.

I'm not libertarian but I do know that the government is not designed to protect us from making bad choices.

You must be one of those liberals that believe the government should protect us from ourselves. Ban large drinks, band alcohol, ban guns, ban salt, ban whatever it is you think is bad for us.

Here's a novel idea. If you do not like the way the payday loan industry operates, do not do business with them. Your problem is solved.


Next!

 

[Lonestar_logic]

The problem with these payday loans is that they are misused. They are used to meet basic expenses rather than a one time extraordinary expense. Once someone needs a loan to meet basic expenses, the next payday they are short the amount needed to meet basic expenses and now even more short because they have paid the loan back. What they must do is adjust their expenditures.

How about not living beyond one's means in the first place?

 

[ogibillm]

Isn't entering into such a contract an expression of freedom?

Thank God this country isn't run on what you believe.

it's an expression of ignorance and stupidity with the result being indentured servitude.

i get that the libertarian, laissez faire belief that everyone should be allowed to do everything - sell drugs to children, price gouge during emergencies, sell tainted products to an unsuspecting consumer - but i believe that some regulation and oversight is necessary, and that the payday loan industry is currently under - or more accurately improperly - regulated.

I'm not libertarian but I do know that the government is not designed to protect us from making bad choices.

You must be one of those liberals that believe the government should protect us from ourselves. Ban large drinks, band alcohol, ban guns, ban salt, ban whatever it is you think is bad for us.

Here's a novel idea. If you do not like the way the payday loan industry operates, do not do business with them. Your problem is solved.


Next!

i see things that are bigger than myself. clearly you don't. luckily, as a whole, society isn't as much of an asshole as you and believes in reasonable protections for consumers.

 

[HereWeGoAgain]

Does the video accurately reveal how many of the poor are poor through no fault of their own? I have a limited supply of tears.

What part of stagnant wages don't you get? I know people with college degrees making $8-10 an hour in mail rooms. Raising minimum wage would certainly help. Or maybe you prefer living in a third world shit hole???

Sigh, you still haven't had time to actually watch the video. Got anything to say on the conflict of interest? Got anything useful to say at all???

Then stop flooding the job market with immigrants dumbass.
Jesus you people are stupid.

 

[HereWeGoAgain]

Bullshit. People take these loans because they need them. Which would you rather do, pay 20% interest on$300 or have your car repossessed and be unable to get to work?

Sell the car and buy a moped.
You still get to work, but at minimal cost.

Of course, the prols will claim a car is a human right - what idiots.

You're an idiot.
Of course you're a self proclaimed anti semite so waht would anyone expect?

I'm no fan of fred...but in this case he's right.
Nobody is forcing them to take out these loans,nobody forced them to make poor choices in life.
You need to change your thread title to "Pay Day Loans..Preying On Stupid People"

 

[norwegen]

I take my business to Cash America once a week to talk to that cute pregnant chick behind the counter. And the tobacco store is next door.

 

[Lonestar_logic]

it's an expression of ignorance and stupidity with the result being indentured servitude.

i get that the libertarian, laissez faire belief that everyone should be allowed to do everything - sell drugs to children, price gouge during emergencies, sell tainted products to an unsuspecting consumer - but i believe that some regulation and oversight is necessary, and that the payday loan industry is currently under - or more accurately improperly - regulated.

I'm not libertarian but I do know that the government is not designed to protect us from making bad choices.

You must be one of those liberals that believe the government should protect us from ourselves. Ban large drinks, band alcohol, ban guns, ban salt, ban whatever it is you think is bad for us.

Here's a novel idea. If you do not like the way the payday loan industry operates, do not do business with them. Your problem is solved.


Next!

i see things that are bigger than myself. clearly you don't. luckily, as a whole, society isn't as much of an asshole as you and believes in reasonable protections for consumers.

No you see everyone's problem as your own. You don't want people to be able to decide for themselves whether or not this is something they wish to engage in. You want to control through government regulations how others live because YOU have a problem with it.

There are protections in place. You just believe there should be greater protections because you think you're protecting someone. When in fact your impeding on their right to decide for themselves.

 

[ogibillm]

I'm not libertarian but I do know that the government is not designed to protect us from making bad choices.

You must be one of those liberals that believe the government should protect us from ourselves. Ban large drinks, band alcohol, ban guns, ban salt, ban whatever it is you think is bad for us.

Here's a novel idea. If you do not like the way the payday loan industry operates, do not do business with them. Your problem is solved.


Next!

i see things that are bigger than myself. clearly you don't. luckily, as a whole, society isn't as much of an asshole as you and believes in reasonable protections for consumers.

No you see everyone's problem as your own. You don't want people to be able to decide for themselves whether or not this is something they wish to engage in. You want to control through government regulations how others live because YOU have a problem with it.

There are protections in place. You just believe there should be greater protections because you think you're protecting someone. When in fact your impeding on their right to decide for themselves.

fine. i want to impede their right to get into debt they'll never be able to repay.
i want to impede their right to allocate so much of their income to debt payment that they buy fewer consumer goods.

i'm okay with that.

yes, the people taking out payday loans are not smart, and they make bad decisions with their money. they might never save, or invest, or anything of the sort. and truthfully, i feel little if any pity for individuals that put themselves in that position.

still, i'd much rather have them spending that money on consumer goods than servicing a 1000% loan. that's much better for the economy.

 

[ogibillm]

I take my business to Cash America once a week to talk to that cute pregnant chick behind the counter. And the tobacco store is next door.

pic or she isn't real

 

[HereWeGoAgain]

Before you call people stupid, you might learn how to spell "realize." Just saying...
.

I'm so sorry you're so stupid, you have to work on a supposed spelling error instead of being able to make a point.
More so when you're fucking wrong about the "error".
Perhaps you should get a clue before making yourself look fucking stupid.

They have clues on sale at Walmart, you should go buy one.


.

Sometimes it's better to hit Google before calling some one out....

#Troll Tip #1

Realise vs. realize - Grammarist

 

[Lonestar_logic]

i see things that are bigger than myself. clearly you don't. luckily, as a whole, society isn't as much of an asshole as you and believes in reasonable protections for consumers.

No you see everyone's problem as your own. You don't want people to be able to decide for themselves whether or not this is something they wish to engage in. You want to control through government regulations how others live because YOU have a problem with it.

There are protections in place. You just believe there should be greater protections because you think you're protecting someone. When in fact your impeding on their right to decide for themselves.

fine. i want to impede their right to get into debt they'll never be able to repay.
i want to impede their right to allocate so much of their income to debt payment that they buy fewer consumer goods.

i'm okay with that.

yes, the people taking out payday loans are not smart, and they make bad decisions with their money. they might never save, or invest, or anything of the sort. and truthfully, i feel little if any pity for individuals that put themselves in that position.

still, i'd much rather have them spending that money on consumer goods than servicing a 1000% loan. that's much better for the economy.

At least you admit to hating freedom.

 

[ogibillm]

No you see everyone's problem as your own. You don't want people to be able to decide for themselves whether or not this is something they wish to engage in. You want to control through government regulations how others live because YOU have a problem with it.

There are protections in place. You just believe there should be greater protections because you think you're protecting someone. When in fact your impeding on their right to decide for themselves.

fine. i want to impede their right to get into debt they'll never be able to repay.
i want to impede their right to allocate so much of their income to debt payment that they buy fewer consumer goods.

i'm okay with that.

yes, the people taking out payday loans are not smart, and they make bad decisions with their money. they might never save, or invest, or anything of the sort. and truthfully, i feel little if any pity for individuals that put themselves in that position.

still, i'd much rather have them spending that money on consumer goods than servicing a 1000% loan. that's much better for the economy.

At least you admit to hating freedom.

again, i hate indentured servitude, even if it's freely entered into.

do you want people to have the right to sell drugs to kids?

 

[HereWeGoAgain]

fine. i want to impede their right to get into debt they'll never be able to repay.
i want to impede their right to allocate so much of their income to debt payment that they buy fewer consumer goods.

i'm okay with that.

yes, the people taking out payday loans are not smart, and they make bad decisions with their money. they might never save, or invest, or anything of the sort. and truthfully, i feel little if any pity for individuals that put themselves in that position.

still, i'd much rather have them spending that money on consumer goods than servicing a 1000% loan. that's much better for the economy.

At least you admit to hating freedom.

again, i hate indentured servitude, even if it's freely entered into.

do you want people to have the right to sell drugs to kids?

Pay day loans aren't illegal and they aren't given to children.
I know you think you're helping out the stupid and in a sense you are. But what about those who use Pay Day loans in an emergency and pay them back? You're taking away an avenue that may help the poor in some cases.
These people are adults and they can do simple math,they know what they're getting into and it's their choice. I know I wouldnt want the gov telling me I cant get a loan. But then I wouldnt get one I couldnt afford either.

 

[ogibillm]

At least you admit to hating freedom.

again, i hate indentured servitude, even if it's freely entered into.

do you want people to have the right to sell drugs to kids?

Pay day loans aren't illegal and they aren't given to children.
I know you think you're helping out the stupid and in a sense you are. But what about those who use Pay Day loans in an emergency and pay them back? You're taking away an avenue that may help the poor in some cases.
These people are adults and they can do simple math,they know what they're getting into and it's their choice. I know I wouldnt want the gov telling me I cant get a loan. But then I wouldnt get one I couldnt afford either.

as i said earlier, i don't think that the loans should be outlawed. i just think there are some regulations we could add to cut down on the number of people that get in over their head.

my main gripe would be with the refinancing of loans. it's a trap that payday loan companies use to get people deeper in debt to them without risking any more capital.

 

[ClosedCaption]

i see things that are bigger than myself. clearly you don't. luckily, as a whole, society isn't as much of an asshole as you and believes in reasonable protections for consumers.

No you see everyone's problem as your own. You don't want people to be able to decide for themselves whether or not this is something they wish to engage in. You want to control through government regulations how others live because YOU have a problem with it.

There are protections in place. You just believe there should be greater protections because you think you're protecting someone. When in fact your impeding on their right to decide for themselves.

fine. i want to impede their right to get into debt they'll never be able to repay.
i want to impede their right to allocate so much of their income to debt payment that they buy fewer consumer goods.

i'm okay with that.

yes, the people taking out payday loans are not smart, and they make bad decisions with their money. they might never save, or invest, or anything of the sort. and truthfully, i feel little if any pity for individuals that put themselves in that position.

still, i'd much rather have them spending that money on consumer goods than servicing a 1000% loan. that's much better for the economy.

What an asshole you are. /sarcasm

 

[Lonestar_logic]

fine. i want to impede their right to get into debt they'll never be able to repay.
i want to impede their right to allocate so much of their income to debt payment that they buy fewer consumer goods.

i'm okay with that.

yes, the people taking out payday loans are not smart, and they make bad decisions with their money. they might never save, or invest, or anything of the sort. and truthfully, i feel little if any pity for individuals that put themselves in that position.

still, i'd much rather have them spending that money on consumer goods than servicing a 1000% loan. that's much better for the economy.

At least you admit to hating freedom.

again, i hate indentured servitude, even if it's freely entered into.

do you want people to have the right to sell drugs to kids?

It's not indentured servitude. But then you liberals like to make up your own definitions.

That's a dumbass comparison.

Selling drugs is illegal. Lending money through established pay day loan businesses isn't.

indentured servant

Examples
Word Origin

noun, American History
1.
a person who came to America and was placed under contract to work for another over a period of time, usually seven years, especially during the 17th to 19th centuries. Generally, indentured servants included redemptioners, victims of religious or political persecution, persons kidnapped for the purpose, convicts, and paupers.

Contemporary definitions for indentured servant Expand

noun

a person who is bonded or contracted to work for another for a specified time, in exchange for learning a trade or for travel expenses (as to America)

 

[ogibillm]

At least you admit to hating freedom.

again, i hate indentured servitude, even if it's freely entered into.

do you want people to have the right to sell drugs to kids?

Pay day loans aren't illegal and they aren't given to children.
I know you think you're helping out the stupid and in a sense you are. But what about those who use Pay Day loans in an emergency and pay them back? You're taking away an avenue that may help the poor in some cases.
These people are adults and they can do simple math,they know what they're getting into and it's their choice. I know I wouldnt want the gov telling me I cant get a loan. But then I wouldnt get one I couldnt afford either.

they aren't, but if you don't want people to have that right you hate freedom.

 

[ogibillm]

At least you admit to hating freedom.

again, i hate indentured servitude, even if it's freely entered into.

do you want people to have the right to sell drugs to kids?

It's not indentured servitude. But then you liberals like to make up your own definitions.

That's a dumbass comparison.

Selling drugs is illegal.

you're argument boils down to what has been made illegal in the past. if payday loans were made illegal, i would no longer be against freedom in your mind.

does that really make sense to you?

and you're right, it's not indentured servitude. that has an end.

payday loan business do not make their money from customers that pay off their balances.