Pay Day Loans--Preying on Poor People

[HereWeGoAgain]

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.

It's the nature of the type of loans they make. It's really no different then going and buying a car with bad credit vs. good credit.

What about those pay by the week car dealers who put lock outs on the vehicles they sell so they can shut them down when payments are missed?
You okay with those?

 

[ogibillm]

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.

It's the nature of the type of loans they make. It's really no different then going and buying a car with bad credit vs. good credit.

What about those pay by the week car dealers who put lock outs on the vehicles they sell so they can shut them down when payments are missed?
You okay with those?

that industry is ripe for abuse too, but at least there is collateral, set terms, and the likelihood of refinancing is pretty low. meaning the loan someone gets into at the beginning is the loan they have at the end.

 

[HereWeGoAgain]

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.

So you want to take away something that can actually help the responsible poor?
Someone brought up that the poor have no choice but to take that loan or have there car repoed. What would happen if they couldnt get a pay day loan?
Yeah thats right...the exact same thing,no more car.

 

[Sarah G]

I've seen these cropping up again in commercials only now they are taking the title to your car. Kids should just stay away from them.

 

[Clementine]

I have read plenty on this and I don't usually watch the liberal networks. It's not news any more. These places have been around forever because government allows it. Anyone paying attention has heard that the quick loan places are a really bad idea. Anyone going in would be made aware of the terms of the loans and they are crazy to go through with it.

Usually, the people going in can't get a bank loan, or haven't tried, and they won't get a good interest rate from anyone.

Having bad credit makes life difficult. Perhaps congress could address how credit ratings are calculated. Maybe give people a break if the reason they have bad credit is one that was unavoidable, like illness or other catastrophe. Simply having bad credit because you spend more than you make and can't keep up isn't a good reason.

People need to be more responsible with their money and credit. You can't blame credit card companies for maxing out your card. I've known people who spend like maniacs when they got their cards because they weren't thinking about paying it back with interest. Once they maxed out their cards, they hated making the big payments. Often they filed bankruptcy and it was all because they didn't act responsibly and got themselves in too deep.

Payday loans are the equivalent of a loan shark, except you won't get your legs broken for not paying. At least I hope not.

Government allows these companies to exist, so they need to rethink that. Otherwise, people have to live with their own decisions. If they choose to stay uninformed when signing contracts, what do you propose we do about it? If you pay back a loan right away, you are usually okay. People know what their next paycheck will be so why would they agree to pay more than they will have?

 

[HereWeGoAgain]

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.

It's the nature of the type of loans they make. It's really no different then going and buying a car with bad credit vs. good credit.

What about those pay by the week car dealers who put lock outs on the vehicles they sell so they can shut them down when payments are missed?
You okay with those?

that industry is ripe for abuse too, but at least there is collateral, set terms, and the likelihood of refinancing is pretty low. meaning the loan someone gets into at the beginning is the loan they have at the end.

They repo the car and you dont get it back. How much you lose depends on how diligent you were at making payments.
The pay day loan guys get nothing back if they aren't payed.

 

[Lonestar_logic]

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.

That's not my argument at all. That's what you think my argument is and no it doesn't make sense.

If you're saying pay day loans has no end then you are as stupid as I initially thought.

I personally know people that have used payday loans and would use them again if needed.

They are a good source for quick money when you can't wait three days for your paycheck. Whether it's to pay a car note or utility bill to keep from being turned off or having their automobile repossessed.

You're wanting the government to protect people from making bad financial decisions and that is not the governments function.

 

[BluesMistress]

I have a good friend that owns a Payday loan business for over 30 years.
She provides a much needed service. Some can't get a bank account so she takes the risk. Some need help to pay rent or buy food. Who takes the Risk?? She does..There are no insufficient funds Fees. If someone skips out on a check there is no one covering her ass. She loses. She's in NO Way rolling in dough.
There was heavy gov't regulation placed on her a few years ago limiting her profit and placing her at much higher risk.

No One is forced to cash checks or make payday loans with her. She provides a service that costs her money out of pocket with the hope that the customer will return with payment.
If she was not in business there would be the guy on the corner offering loans called Loan Sharks. Why blame a business when it's a customers choice to open the door to her store and walk through.

The rules & agreements are fully displayed. No one does any type if transaction without customer consent.
If one cannot get a bank account or a bank loan there is someone that is willing to take the risk. She's in business to make a profit. Overhead plus the risk...Why do you complain?? Not your money...
If no one wanted to agree to the terms she wouldn't be in business for lack of customers. She provides a service giving someone $$$ with Zero Guarantee she will see a dime.

 

[Erand7899]

Payday loans are for stupid people.
If these people got a simple education, stopped smoking and drinking booze, they wouldn't need the loans.

Sadly for them, they're too thick to realise.

Cash America paid $19 million in fines and refunds for illegally over charging service members, and destroying documents. Surely you're smart enough to "REALIZE" they are committing crimes and taking advantage of our troops.



.

It they are committing crimes, why are they not being prosecuted for those crimes? Fining the company is great, but that should not preclude putting the individuals who committed the crimes in jail.

 

[RDD_1210]

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?

Ask me how I know you or someone close to you has taken out a payday loan....

 

[The Rabbi]

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?

Ask me how I know you or someone close to you has taken out a payday loan....

Because you're both wrong and stupid, your usual MO? Neither of those things is true.

 

[RDD_1210]

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?

Ask me how I know you or someone close to you has taken out a payday loan....

Because you're both wrong and stupid, your usual MO? Neither of those things is true.

LOL, of course it is. You're a selfish asshole until it comes to payday loans...all of a sudden you care about the plight of the poor?

Ha, fucking hypocrite.

 

[Stephanie]

Not only do they "use" poor people but they make them out as all STUPID too

anyone doesn't know about these payday loans is like a going to a loan shark

well

 

[Zander]

As I was coming out of the grocery store, a woman approached me, close to tears. She was asking for $20.00 because she had nothing to feed her children. She had no bread, no milk, nothing. If I could just give her $20.00 she would be able to make it until her next EBT payment.

I told her no, but what I would do is go into the grocery store with her, buy the bread, the milk, the peanut butter, whatever she needed to get to the magic day. Whereupon she called me a racist bitch, got in her car and sped off. $20.00 worth of food isn't the same as $20.00 cash. What she wanted was cash. $20.00 here, $20.00 there, pretty soon you got the whole amount to get pot at the dispensary. Were her children really hungry? Who cares, she doesn't.

I know how you feel. There a cripple who sits in a wheelchair outside of the grocery store nearby. He sits in his chair, smoking cigarettes, and yells at everyone walking in "got a dollar?". He's usually drunk or high (hard to tell). I look him directly in the eyes, smile and ask him to repeat the question. He slurs out again "gotta dollar?" I reach in my pocket and slowly pull my wallet out. I look at the cash....and say Yes, yes I do. Thanks!! Then I keep on walking.

Fuck this guy. He can afford cigarettes. He can afford booze (or drugs). He's a bum.

 

[Stephanie]

How did we EVER survive without these nosy people butting into our lives

and then wails on Fox news because they didn't see the need for something so petty, if you're too dumb to know about payday loans, you probably deserve to be ripped off

 

[R.C. Christian]

Nobody makes the people go to the pay day loan store just like nobody forces the poorest trash to spend their welfare checks on a retarded lottery system, skittles, and malt liquor!

By that measure, government preys on the poor.

 

[Stephanie]

Nobody makes the people go to the pay day loan store just like nobody forces the poorest trash to spend their welfare checks on a retarded lottery system, skittles, and malt liquor!

By that measure, government preys on the poor.

these people are being our HEROS....so we can't speak bad about them

 

[Moonglow]

I have a good friend that owns a Payday loan business for over 30 years.
She provides a much needed service. Some can't get a bank account so she takes the risk. Some need help to pay rent or buy food. Who takes the Risk?? She does..There are no insufficient funds Fees. If someone skips out on a check there is no one covering her ass. She loses. She's in NO Way rolling in dough.
There was heavy gov't regulation placed on her a few years ago limiting her profit and placing her at much higher risk.

No One is forced to cash checks or make payday loans with her. She provides a service that costs her money out of pocket with the hope that the customer will return with payment.
If she was not in business there would be the guy on the corner offering loans called Loan Sharks. Why blame a business when it's a customers choice to open the door to her store and walk through.

The rules & agreements are fully displayed. No one does any type if transaction without customer consent.
If one cannot get a bank account or a bank loan there is someone that is willing to take the risk. She's in business to make a profit. Overhead plus the risk...Why do you complain?? Not your money...
If no one wanted to agree to the terms she wouldn't be in business for lack of customers. She provides a service giving someone $$$ with Zero Guarantee she will see a dime.

The payday loans and title loan places have a 250%+ percent loan rate, these people are like loan sharks from the mafia..stay away from both...

 

[Darkwind]

Are they mandatory?

Of course not. However, with our "right to get paid less" laws, many people are taking out these high interest loans just to get by. There are now more Pay Day loan offices than McDonald's. That's a reflection of stagnant wages.

I know you didn't have time to watch the video, because I just posted this. Why don't you educate yourself and post after viewing? Just saying...

What laws are those? And be very specific. I want the name of the legislation and the bill number. Also, if the bill started in the House or the Senate.

 

[g5000]

Reading this topic, you would think lower income people are the only people in America who borrow money!

I guess that is why you don't see payday lenders in middle class neighborhoods.

Oh, wait. Middle class people borrow money, too! Remember that big housing crash a few years ago? Fox News would have you believe all those houses that foreclosed in your neighborhood and all around the fucking planet were low income blacks.

"Gosh, Margaret. Biff and Tad and Keven just lost their big ass houses. I had no idea they were all negroes!"

Those pesky negroes of Iceland brought down that whole country...


Middle and upper income people borrow money. Oh yes they do. Scads and scads of it. Only they get to borrow money at much lower rates than lower income people. So to them "predatory lending" is an imaginary thing that does not exist, you see.