How many people know what a Predatory Loan is!

[afterhours]

All this talk about personal responsibilty, but none about corporate ethics. Do you guys understand that eminent domain has now been expanded to include private enterprise? This means that for example if walmart wants to put a supercenter on top of your house, that you own outright and worked hard to pay for (Mattstang for example), they can make you a lowball offer and force you to take it. Absolutely nothing you can do about it. All the company has to do is grease the right palms, and it's done.
We have gotten to the point that money is the only thing that matters anymore. It's not right morally, and does not bode well for the future of our way of life.....

these are the people we elect......it always comes back to personal responsability.

 

[jdsbusa]

463% APR = 1.30% daily

$400.00 x 1.30% = $5.20 per day

$5.20 x 4 days = $20.80



you got them to lend you $400.00 and you had to pay back $20.80 interest.

this seems fair...

You're not calculating something quite right, the compounding they use changes it up. If I have to I'll go take out a loan just to get the paperwork and pay it off an hour later. The Truth in Lending act requires all lenders to clearly state the rate a customer will pay and the paperwork clearly showed 463%.

The $30 I thought was fine because it was an emergency, but the cycles some of these things put people in is not good.

 

[jdsbusa]

...

 

[m_ridgeway]

May seem bad to you but it's about credit risk....people that have no credit can't be allowed the same rate as someone with say a 750+ FICO, they've earned it. But 17-20% certainly isn't unfair for some cases.

Your trying to reverse my point. I made the same arg you did. I signed it and had no credit accepted the terms. I don't feel wronged like you do by your "friends" and I would give them my business again granted they would give me the deal I wanted. If they didn't I would walk out. Its that easy
Posted via Mobile Device

 

[afterhours]

You're not calculating something quite right, the compounding they use changes it up. If I have to I'll go take out a loan just to get the paperwork and pay it off an hour later. The Truth in Lending act requires all lenders to clearly state the rate a customer will pay and the paperwork clearly showed 463%.

The $30 I thought was fine because it was an emergency, but the cycles some of these things put people in is not good.

yes i am simplifying it because the balance would increase each day...but i was in a hurry, and over 4 days, would not really be a big deal

the 463% is the APR, but unless you keep the money for a whole year that is irrelevant.

 

[F=MA]

You're not calculating something quite right, the compounding they use changes it up. If I have to I'll go take out a loan just to get the paperwork and pay it off an hour later. The Truth in Lending act requires all lenders to clearly state the rate a customer will pay and the paperwork clearly showed 463%.

The $30 I thought was fine because it was an emergency, but the cycles some of these things put people in is not good.

He's calculating it correctly, but applying it differently.

Your annual percentage rate charged was 463%.

The interest you paid was 5% (approximate).

For arguement's sake 5% doesn't sound like much...but 5% to allow you to use their money for four days is where the profit is...and is what those who would like to see a higher level of ethics from the short term lending industry are having problems with.

One of you is arguing that 463% is predatory, the other is presenting it as something more innocent because you didn't actually pay 463% of the principle. In the end, you still paid a 463% annual interest rate even if the term of your loan was just a few days.

You repaid the loan quickly. Many others do also. Some aren't able to. The capital you repaid was probably quickly put back to work lending to someone else.

 

[jdsbusa]

Your trying to reverse my point. I made the same arg you did. I signed it and had no credit accepted the terms. I don't feel wronged like you do by your "friends" and I would give them my business again granted they would give me the deal I wanted. If they didn't I would walk out. Its that easy
Posted via Mobile Device

I didn't say I felt wronged....read up 3 posts....I said I was fine as it was an emergency.

 

[jdsbusa]

He's calculating it correctly, but applying it differently.

Your annual percentage rate charged was 463%.

The interest you paid was 5% (approximate).

For arguement's sake 5% doesn't sound like much...but 5% to allow you to use their money for four days is where the profit is...and is what those who would like to see a higher level of ethics from the short term lending industry are having problems with.

One of you is arguing that 463% is predatory, the other is presenting it as something more innocent because you didn't actually pay 463% of the principle. In the end, you still paid a 463% annual interest rate even if the term of your loan was just a few days.

You repaid the loan quickly. Many others do also. Some aren't able to. The capital you repaid was probably quickly put back to work lending to someone else.

Right, those that pay it off quickly don't take a hit, those that carry it the full term are railed. I don't think they were worried about getting my money back for additional capital.....they get that from the full term people.

 

[m_ridgeway]

I didn't say I felt wronged....read up 3 posts....I said I was fine as it was an emergency.

Then why keep saying they have no morals and poor ethics?
Posted via Mobile Device

 

[jdsbusa]

Then why keep saying they have no morals and poor ethics?
Posted via Mobile Device

ugh...nevermind!

 

[Mr Brown]

The only reason it (predatory lending) is even an issue is because the banks and credit card companies can't get by with it. They're jealous...

 

[m_ridgeway]

The only reason it (predatory lending) is even an issue is because the banks and credit card companies can't get by with it. They're jealous...

How else would they line their pockets with bonuses?
Lolz
Posted via Mobile Device

 

[jdsbusa]

How else would they line their pockets with bonuses?
Lolz
Posted via Mobile Device

Uhhhh...TARP!!

 

[F=MA]

The banks do get away with it...they just call them overdraft fees.

The credit card companies also get away with it...I'll let you guess what they call it.

 

[m_ridgeway]

I love how they charge to make a payment over the phone to an automated system.
Posted via Mobile Device

 

[F=MA]

I love how they charge to make a payment over the phone to an automated system.
Posted via Mobile Device

So you can avoid a late fee!

 

[m_ridgeway]

So you can avoid a late fee!

Then if your already late might as well take a payday loan to catch it up.
Posted via Mobile Device

 

[afterhours]

what pisses me off....is the overdraft fee they charge you on your checking account,even though youhave the money in your savings account. then they add a fee to transfer money from saving to checking .....

talk about double dipping.

 

[m_ridgeway]

what pisses me off....is the overdraft fee they charge you on your checking account,even though youhave the money in your savings account. then they add a fee to transfer money from saving to checking .....

talk about double dipping.

Do it too many time they add a usage fee to savings then go under the limit and get charged for that too.
Posted via Mobile Device

 

[Mr Brown]

Do it too many time they add a usage fee to savings then go under the limit and get charged for that too.
Posted via Mobile Device

I love when they could pay two smaller items and let a bigger one bounce, but they pay the bigger one and hit you with two fees. Then I love that they can post an item any damn time they please, but if you deposit after 2 PM it doesn't count til the following business day.