Pay Day Loans--Preying on Poor People

[ogibillm]

If you choose to use them then why not? If they engage in illegal activity then they will pay as shown in the example above.

so then we need to ask ourselves if we want them to be legal or not - or what regulations we insist on for them to be legal.

Perhaps we should educate ourselves and learn to read contracts before entering into them.

You cannot legislate ignorance or stupidity.

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

 

[Lonestar_logic]

And for the conservative Christians on this forum...

Exodus 22:25

“If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him."

That's OT stuff. The old laws have no bearing.

 

[boedicca]

so then we need to ask ourselves if we want them to be legal or not - or what regulations we insist on for them to be legal.

Perhaps we should educate ourselves and learn to read contracts before entering into them.

You cannot legislate ignorance or stupidity.

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

Then they'll just go to another one....

 

[Kosh]

Pay Day Loans

Isn't that how the far left views every paycheck in America?

 

[ogibillm]

WTF do you think Electronic Benefits Transfer means, bub?

i think it meas electronic benefits transfer. more than snap benefits can go on those cards.

It's for WELFARE, bub.

never said it wasn't - although i don't know if in some states you can get your child support payments placed on an ebt card. seems like that would be possible, don't know if it's done though.

 

[Lonestar_logic]

so then we need to ask ourselves if we want them to be legal or not - or what regulations we insist on for them to be legal.

Perhaps we should educate ourselves and learn to read contracts before entering into them.

You cannot legislate ignorance or stupidity.

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

I think they're are regulated perfectly and held accountable when they break the law.

Why do you hate capitalism and freedom?

Why shouldn't a person be free to refinance as many times as he pleases?

Why shouldn't a company set their own fees? If they aren't competitive they will fail on their own.

You seem to see government as the answer. I see the government as the problem.

 

[ogibillm]

Perhaps we should educate ourselves and learn to read contracts before entering into them.

You cannot legislate ignorance or stupidity.

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

Then they'll just go to another one....

possibly. but eventually they'd run out of options - and if the new lender was smart they'd call around to see if the individual was already behind on similar loans with other lenders.

 

[Lonestar_logic]

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

Then they'll just go to another one....

possibly. but eventually they'd run out of options - and if the new lender was smart they'd call around to see if the individual was already behind on similar loans with other lenders.

Why is the onus on the lender? Doesn't the borrower bear any responsibility?

The lender is going to lend based on the information provided by the borrower. You expect the lender to conduct investigations based on the information given?

 

[ogibillm]

Perhaps we should educate ourselves and learn to read contracts before entering into them.

You cannot legislate ignorance or stupidity.

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

I think they're are regulated perfectly and held accountable when they break the law.

Why do you hate capitalism and freedom?

Why shouldn't a person be free to refinance as many times as he pleases?

Why shouldn't a company set their own fees? If they aren't competitive they will fail on their own.

You seem to see government as the answer. I see the government as the problem.

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

 

[Katzndogz]

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.

 

[boedicca]

i think it meas electronic benefits transfer. more than snap benefits can go on those cards.

It's for WELFARE, bub.

never said it wasn't - although i don't know if in some states you can get your child support payments placed on an ebt card. seems like that would be possible, don't know if it's done though.

Federal EBT are essentially electronic food stamps. Some states also distribute welfare payments via this mechanism. I don't know of any that use it to take child support payments from one parent to give to another.

In any case, using them for Strippers and Gambling is rather contrary to the "rationale" for the program.

 

[Katzndogz]

And for the conservative Christians on this forum...

Exodus 22:25

“If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him."

The qualifier is "my people". That doesn't include gamblers, drug addicts or drunks.

 

[ogibillm]

It's for WELFARE, bub.

never said it wasn't - although i don't know if in some states you can get your child support payments placed on an ebt card. seems like that would be possible, don't know if it's done though.

Federal EBT are essentially electronic food stamps. Some states also distribute welfare payments via this mechanism. I don't know of any that use it to take child support payments from one parent to give to another.

In any case, using them for Strippers and Gambling is rather contrary to the "rationale" for the program.

agreed. but if you put a cash benefit on a card you're giving license to the person receiving it to use it where they please.

i don't like cash benefit welfare either.

 

[Lonestar_logic]

i wholeheartedly agree that this is an education problem. i believe that a personal finance class should be a high school graduation requirement.

but i also think that we need to examine how we regulate these companies. i like the idea of capping apr, or how many times a person can refinance a loan with a company.

I think they're are regulated perfectly and held accountable when they break the law.

Why do you hate capitalism and freedom?

Why shouldn't a person be free to refinance as many times as he pleases?

Why shouldn't a company set their own fees? If they aren't competitive they will fail on their own.

You seem to see government as the answer. I see the government as the problem.

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.

 

[ogibillm]

And for the conservative Christians on this forum...

Exodus 22:25

“If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him."

The qualifier is "my people". That doesn't include gamblers, drug addicts or drunks.

god doesn't care for gamblers, drug addicts, and drunks?

 

[GHook93]

You won't see Fox News Nutwork covering this subject. Check out the conflict of interest. Here's another way poor people are getting screwed.


https://www.youtube.com/watch?v=2cJPL-CFYtE

no one is forcing them to use those scammers

Very true, but that isn't always a great stance on an argument. Protecting the public for these usury loans isn't a bad thing.

 

[ClosedCaption]

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.



.

Give it up -

Repubs/RWs care even less for our vets than do children.

Its weird. They assume that people who get duped are just "stupid" even when they are educated people and military vets. Remember the simple rule. If a company or corporation does it that action is inherently good even when they break those pesky laws.

Anyone who gets caught in the good actions of a company suffers from being unintelligent...

Oh btw...thank you for your service

 

[ogibillm]

I think they're are regulated perfectly and held accountable when they break the law.

Why do you hate capitalism and freedom?

Why shouldn't a person be free to refinance as many times as he pleases?

Why shouldn't a company set their own fees? If they aren't competitive they will fail on their own.

You seem to see government as the answer. I see the government as the problem.

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.

 

[pinqy]

Payday loans have always slid the meat to those who are over extended.

At ~32%

-Geaux

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.

 

[Katzndogz]

And for the conservative Christians on this forum...

Exodus 22:25

“If you lend money to any of my people with you who is poor, you shall not be like a moneylender to him, and you shall not exact interest from him."

The qualifier is "my people". That doesn't include gamblers, drug addicts or drunks.

god doesn't care for gamblers, drug addicts, and drunks?

I doubt He does until they repent and stop their destructive ways. God is NOT an enabler. Since the passage specifically refers to "my people", it automatically doesn't mean ALL people. It is a very simple concept. I'm surprised you are having such a problem understanding it.