How many people know what a Predatory Loan is!

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.

:laugh: That's right !! How about a 10 day hold on a check issued from their own bank, because it's a large amount ???
 
That's not even a fair comparison. Yeah payday loans are providing a service, but seriously.....400+% interest rates that they charge is just wrong especially considering that many people using these loans are already living paycheck to paycheck. It puts them in a cycle that they often can't get out of because they take out multiple loans to pay off each other. In IL you can only have 2 payday loans at a time. In the past you'd see people with 5 or 6 loans out at a time. It gets to the point where the entire paycheck is gone just to pay the exorbitant interest rates. Credit card companies already run 20+% routinely which is pretty high. The real crooks are the title loan companies that sit off military installations just waiting for some 18 yr old recruit just in the military that doesn't understand how quick interest on a loan like that can compound so quickly, next thing you know they've lost their car.
Stupid people deserve to lose their money to those payday services.

Oh wow, am I ever an insensitive A$$. :laugh:

The entire concept of a payday loan is rooted in customer stupidity. If we didn't have so many brainwashed dolts in this country the payday loan industry WOULD NOT EXIST. It's all about priorities. Food goes at the top of the list. Then rent/mortgage. Then credit cards, if any, followed lastly by utilities. Why utilities? Most will not shut off before 90 days of delinquency, and in the case of electric and water, as long as you pay SOMETHING each month, they can't shut you off. The penalties are spectacularly low, too. It costs me $1.50 a month for being late on the electric bill.

I don't buy the paycheck-to-paycheck crock. I refuse to believe that there is anyone in this country who can't make ends meet, without it being a product of their poor decisions. (excepting those who have been laid off).
 
As for it being capitalism.....it's a complete lack of morals and ethics is what it boils down to. If doctors jacked their fees 10x's just because they could get away with it people would be up in arms! But hey, no one's forcing you to go to the doctor....right?
That's already what's happening, all due to the fact that health care is no longer primarily capitalist. You separate cost from demand, and that is the result.

You want morality and ethics? Then read the fine print. Feel free to shop around. Don't pay higher prices unless you're getting proportionally greater value.
 
Again, lack of morals....could you sleep at night knowing you're charging your customers 400% interest on their money?
If I thought my customers would pay for a products at a 400% profit, I would sleep like a baby. The reality is that if I go into the business I intend to, I would price myself out of the market at that level. Nobody would buy my product.
 
That's not even a fair comparison. Yeah payday loans are providing a service, but seriously.....400+% interest rates that they charge is just wrong especially considering that many people using these loans are already living paycheck to paycheck. It puts them in a cycle that they often can't get out of because they take out multiple loans to pay off each other. In IL you can only have 2 payday loans at a time. In the past you'd see people with 5 or 6 loans out at a time. It gets to the point where the entire paycheck is gone just to pay the exorbitant interest rates. Credit card companies already run 20+% routinely which is pretty high. The real crooks are the title loan companies that sit off military installations just waiting for some 18 yr old recruit just in the military that doesn't understand how quick interest on a loan like that can compound so quickly, next thing you know they've lost their car.

You can fix stupid :rulez:
 
They wouldn't be able to charge it if people didn't pay it. Capitalism. Free market. That's what its based on. I charge what I can and make a profit. How about we stop depending on payday loans stop living paycheck to paycheck and stop whining that were being taken advantage of when we are the ones agreeing to the terms.
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Such a perceptive young man.....................


You left out smokin' crack
 
Life isn't always black and white dude....some people honestly need help every now and then and places like this are out to take advantage of it. I hardly consider most 18yr olds "grown adults" - they can't even buy a beer.

As for it being capitalism.....it's a complete lack of morals and ethics is what it boils down to. If doctors jacked their fees 10x's just because they could get away with it people would be up in arms! But hey, no one's forcing you to go to the doctor....right?

Help yourself, or suck it up and learn from your mistake. People would eat healthy, make wiser choices in life, and visit a shopped doctor when they needed one.

I'm sorry but people aren't typically just down on their luck. They make choices and then whine about having to live with them. This country is completely out of control. No one is held responsible anymore.

I disagree with these businesses, but I also feel that people need to be responsible.
 
I don't think the majority of payday loan customers feel wronged either...beyond typical complaining that 99% of us do that everything costs too much. I think the majority are happy to be able to have an option to keep the electricity on, gas in the car that gets them to work, or a roof over their head.

If it weren't for pawn shops I don't think I'd have made it through college.

Lets talk about some real predators: those that buy a car, but never make a payment, buy and cancel the insurance the same day, hide the car from house to house and ride around for years on suspended tags stealing the year decal off other peoples tags. Those that rent a house, put down a damage deposit, and a months rent, but never plan on paying to live there again, and are protected by the goodness of their landlord and the law. Eviction process cost money and takes 60 + days. Has anyone ever found a pair of battery cables being used to jumper out a meter base ? How about drug dealers, now you really want to start talking predators. Well I better not go there on the oRg. You wouldn't believe what gets traded there for a momentary fix.

Peace out :laugh:
 
Predatory loans:

Q: How do you qualify for one?
A: by being a lousy credit risk in the first place

Q: how do I become a lousy credit risk?
A: Oh, dont finish school comes to mind, this limits your "income" ability for most.. If you can, borrow money from someone and skip on them, that works well too...

Finally if all else fails, just ask to borrow money without any history at all... really, no history is just about as good as a "bad" one..

Q: So what do I do after I get a "Predatory" loan
A: Dont pay the thing... The govt will come in and reduce your principal by up to 50% if you are totally unworthy (if it is a home, otherwise, you get 3 free months of car rental for your down payment)..

CAVEAT: if you are a hard working person caught up in circumstance? you are SOL... (chit out of luck) well unless you can prove you come from a disadvantaged group (anything except a ___________(fill in blank))

Q: what are the long term issues?
A: you are kidding right? the guys loaning money are usually going to go broke doing this and they know it... the govt will come in and buy up the bad paper and pass it along to the rest of us working stiffs..

RELAX... take advantage of the system...
 
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Predatory loans:

Q: How do you qualify for one?
A: by being a lousy credit risk in the first place

Not true - EVERYONE qualifies for one! :laugh: Even you!

I used mine because going to a bank and asking for a $250 loan for 4 days would have got me laughed out the door. Didn't use any credit cards at the time so that option was out. I didn't care for them but I've changed my mind and use a couple that give me cash back to strip every penny back I can. I cash in a minimum of $60/month between the two of them and some months well over $100 - awesome to actually score one for the good guys. Of course that cash back thing comes from someone carrying a $5000 balance every month and paying in $250 in interest so they're still making out like bandits despite my best efforts! :laugh:
 
Not true - EVERYONE qualifies for one! :laugh: Even you!

:laugh:
:rofl: ok you got that right.... I DID pay off my CC balance after reading this thread however... (so much for Xmas bonus this year)

This was the first time in many years I had a balance on my CC for more than a month or two... Great place for "predatory" rates..
 
:rofl: ok you got that right.... I DID pay off my CC balance after reading this thread however... (so much for Xmas bonus this year)

This was the first time in many years I had a balance on my CC for more than a month or two... Great place for "predatory" rates..

Get yourself some good cash-back cards (not Discover, some REAL ones) and help take down the evil credit card empire! :laugh:

I use mine for EVERYTHING I can, they have no restriction on how many payments I make a month so I'll make 5 or 6 to keep it paid in full and when my cash back balance is in a denomination of $25's on one I request a check, the other I just have put right back into my account to create a negative balance. :thumbsup:
 
Get yourself some good cash-back cards (not Discover, some REAL ones) and help take down the evil credit card empire! :laugh:

I use mine for EVERYTHING I can, they have no restriction on how many payments I make a month so I'll make 5 or 6 to keep it paid in full and when my cash back balance is in a denomination of $25's on one I request a check, the other I just have put right back into my account to create a negative balance. :thumbsup:
I thought they were pulling the plug on a lot of those programs?

I was going to go buy another new bike with my bonus but figured 0 balance was a good idea instead... BUT... I could get the bike, use my card, and then pay the card off after I get the cash back bonus... (I did that with my new van this year on Karens card.. boy was the dealer unhappy about that, made the deal and they could not stop me.. :) )
 
I thought they were pulling the plug on a lot of those programs?

I was going to go buy another new bike with my bonus but figured 0 balance was a good idea instead... BUT... I could get the bike, use my card, and then pay the card off after I get the cash back bonus... (I did that with my new van this year on Karens card.. boy was the dealer unhappy about that, made the deal and they could not stop me.. :) )
Probably on some, but I've got several Cap 1 cards (with some really sweet pics on the card - thanks cardlab!), one of which offers the cash back in the form of a check or account credit. I also have another M/C that's 3% on every purchase which is my bread and butter card. It adds up real quick! I've pulled well over $1200 from that card since I got it 3 years ago and they haven't once reduced my credit limit or anything else that would indicate to me that they give a rats a$$ what I'm doing. :thumbsup:
 
i work in debt collection. i deal with deadbeats all day long.

we can sit here and make up stories to explain how a person might need to use these places...but the simple fact is, most people are in debt because of choices they made....

sure there are guys that got laid off, lived off of savings and C/C 's for 6-12 months and now have major debt and now way out.....however those guys are rare.

most are irresponsable, were living paycheck to paycheck, put nothing in the bank, bought new cars,furniture, clothes and home they could not afford.....were making minimum payments and getting by until they got laid off...

and some are criminals that had no intention of paying, ever.
 
i work in debt collection. i deal with deadbeats all day long.

we can sit here and make up stories to explain how a person might need to use these places...but the simple fact is, most people are in debt because of choices they made....

sure there are guys that got laid off, lived off of savings and C/C 's for 6-12 months and now have major debt and now way out.....however those guys are rare.

most are irresponsable, were living paycheck to paycheck, put nothing in the bank, bought new cars,furniture, clothes and home they could not afford.....were making minimum payments and getting by until they got laid off...

and some are criminals that had no intention of paying, ever.
So... what are some of the good stories? really, you must hear a bunch of them...
 
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