Next Up on the Regulatory Chopping Block...Payday Loans

every American consumer should have the peace of mind of knowing that they are going to be treated fairly and that they’re not going to be hit with surprise terms, fees or charges by companies that extend them credit.
Where does it say that payday loan will be banned?

Seriously, what is so wrong with doing business transparently by stating terms, fees, and charges clearly?

Probably lower conversion rates for you guys.
 


Where does it say that payday loan will be banned?

Seriously, what is so wrong with doing business transparently by stating terms, fees, and charges clearly?

Probably lower conversion rates for you guys.
Things were (generally) already done like that. This is a white house press release...if you think that's all that's going to be in the bill you are beyond naive.
The Democrats (for better or for worse) are relying on this bill to survive the November elections. They can't afford to be seen as fucking this up or being too light on the companies the bill affects. It's not going to be something as simple as pointing out the rates more clearly. The public would be out for blood if that's all that happened.
 
On the issue of super high-interest payday loans, I find the business model revolves around being misleading and that they ruin peoples lives.

The issue of payday loans (particularly online) being misleading is not because of the lenders. They have to comply with NACHAs terms in order to be able to debit accounts or they don't get their money back...

It's because of the marketers.
 
I agree with Nick and Chris that PayDay loans are filthy and evil. However, I don't ride around on some cybermoral Clydesdale. I've pushed a few payday loan leads in my day. I'm not going to defend it like I don't really see a moral issue with it...but I'm not going to apologize either.

Basically what I'm trying to say is that I'm a badass.

Oh, and I HAVE got a payday loan before. Fucking Second Life. I needed the Linden real bad.
 
Haha indeed you are a badass, Jack.

(except for the whole Second Life thing srsly wtf :D)
 
On the issue of abstinence before marriage, studies have shown that teen pregnancy rates and std rates greatly increase with abstinence only education. Common sense and personal experience suggest that if you don't know if you're sexually compatible with someone, you have a good chance of ending up in a really shitty relationship. Thinking that good sex doesn't matter if you're in love with someone is hiiiiilarious.
mc'duckin it.

Lower rates my ass.
You think schools teaching little girls how to put a condom on a cucumber, decreases teen pregnancy and youth std's. I wonder what the teen pregnancy, std, and abortion rates were like in the 50s vs today. Kids should be learning life skills, not forth grade sex education

Must be why the divorce rate is over 50% in today's sex educated and indulged society.
Heres a little fact: The divorce rate in America for first marriage, vs second or third marriage 50% percent of first marriages, 67% of second and 74% of third marriages end in divorce. You think maybe they had enough sex to know better, why does the statistic sky rocket.
Study done by: Forest Institute of Professional Psychology

When married you'll know what the fuck you're talking about. When you're old as fuck, then you can say whats really worth living for. So dont spit on people that have values and decency.

Of point, but had to say something.
 
Also increases the likely hood of a quicker, younger marriage and subsequent divorce.

Abstinence is Anti-Family.

edit: holy shit I just realized what a great line that is. I need to trademark it or something.

abstinence only education actually increases teen pregnancy and stds, sorry.

I'm not for abstinence education, but:

$250 million for abstinence education not evidence-based, groups say - CNN.com

"A study published in February in the Archives of Pediatrics & Adolescent Medicine found that an abstinence-based program was more effective than other initiatives at keeping sixth- and seventh-graders from having sex within a two-year period.

Rather than asking students to delay intercourse until marriage, however, the program told students to wait until they were ready. It also did not portray sex in a negative light."

I can't deny the logic here. Kids pressure each other into sex, so they often do it early, and are thus unprepared or have a lack of knowledge in the subject. Teach them that they should use protection, but wait until they feel ready.
 
You can have all the moral issues you want with payday loans (due to the way that charges stack and irresponsible borrowers get harmed financially etc), but they are infinitely better than borrowing on the black market where irresponsible borrowers get harmed physically.

And that's exactly where desperate borrowers will go - straight to the local loan sharks who operate without any regulations. This is what regulated loans have to compete with, and you have to be very careful that any decision to 'educate' the consumer in one direction doesn't actually end up pushing them to a loan shark as a perceived better alternative.

The problem is that desperate people need money desperately.

Disclaimer: I am undecided on Payday loans one way or the other myself (haven't pushed them), but the above is a strong argument in their favour.
 
I have no problem with compliant payday loan companies. They offer a service where there is a need.

Where I have a problem is with the evil greedy deadbeats who take out such loans and defraud the loan companies thus causing them to lose money and raise rates on those few honorable customers who do pay.

Screw those immoral deadbeats that choose not to pay their bills.
 
  • Like
Reactions: guerilla
I have no problem with compliant payday loan companies. They offer a service where there is a need.

Where I have a problem is with the evil greedy deadbeats who take out such loans and defraud the loan companies thus causing them to lose money and raise rates on those few honorable customers who do pay.

Screw those immoral deadbeats that choose not to pay their bills.
Well played. Bravo. Seriously.
 
I'm not for abstinence education, but:

$250 million for abstinence education not evidence-based, groups say - CNN.com

"A study published in February in the Archives of Pediatrics & Adolescent Medicine found that an abstinence-based program was more effective than other initiatives at keeping sixth- and seventh-graders from having sex within a two-year period.

Rather than asking students to delay intercourse until marriage, however, the program told students to wait until they were ready. It also did not portray sex in a negative light."

I can't deny the logic here. Kids pressure each other into sex, so they often do it early, and are thus unprepared or have a lack of knowledge in the subject. Teach them that they should use protection, but wait until they feel ready.

That's not abstinence only, infact, that's pretty much the opposite. And for the record I love that type of education. Wait until your ready. Or even better set a goal to wait until after a certain age or a certain lenght of time that you've been with someone... Whatever as long as that type of education is paired with safe sex education, i'm all for it. That's exactly what I'll be teaching my kids: Wait untill after highschool and when you're ready: here's what you do and where you go.
 
When I was like 21 i needed a payday loan once and i paid it back in like 7 days and only costs me like $15.

I dont see the problem really, i knew the loan was gonna cost me $15 when I paid it back, I see it no different then those fucking credit cards that take 27 years to pay back on a $1200 limit when paying the min. every month.

You want something, its gonna cost you.. you just need to weigh out the risk and rewards to see if you really want that shit or not.

I think of it as evolution. You cant pay your bills even though you knew their was a risk in the first place? then you deserve the fines and bad credit that come with that choice. I know people fall on hard times and shit happens sometimes ( as with me when I needed it ), but a lot of these people are making the same fucking mistake every week and not learning from it or doing anything to get out of it.

I have family that goes to payday loans like every 3 days ( no joke ), but I also know they do nothing in their life to get out of it or try to help themselves. They are also the ones that complain about life and the "system" instead of owning up to it and doing something to change their life.
 
I dont wanna come off as some heartless person, but coming from someone that has done a payday loan and have been around people that currently do payday loans its just my personal reflection of it.

I know a portion of the people getting these loans might be the innocent old grandma or single mother of 4 whose husband just ran off with some stripper and doesnt pay child support, but from my personal experience there is a larger number of these people that can give up their cell phones, cable, DSL line and cut back on their morning Starbucks every day.

Im not ashamed to say at one time I was so fucking broke i took out a payday loan just to buy my kids groceries and keep the electric on in my house, but I also wasnt ballin some Nikes, eating out every day and playing the lotto. I was working 3 jobs, collecting cans and cardboard for recycling monies, and getting about 3 hours of sleep trying to get out of that hell hole.
 
Im not ashamed to say at one time I was so fucking broke i took out a payday loan just to buy my kids groceries and keep the electric on in my house, but I also wasnt ballin some Nikes, eating out every day and playing the lotto. I was working 3 jobs, collecting cans and cardboard for recycling monies, and getting about 3 hours of sleep trying to get out of that hell hole.

+REP

I would hope some of us have been there at least once just for the life experience. It's not a comfortable place for me but others are OK with a life like that so they are reserved to staying in their rut and blaming the system.

Personal responsibility FTW.
 
maybe i'm just heartless or have strange ethics but i see nothing at all wrong with payday loans. You need money in an emergency and have shit credit / shit relatives, it might be your best bet. Without them the only other option might be crime.

Are the interest and fees high? Fuck yea but thats what happens when you have shit credit. People only lend after they have priced in risk, and thats what the risk costs to them.

I have people in my family that are terrible with money and honestly they are paying more in overdrawn bank fees than they would through payday loans (i'm dead serious here). I've tried to help many times but its pointless, they will never make the financial sacrifices necessary to right the ship.

When I was 21 I ran up credit card debt because I had no other choice one summer. I was paying my rent and food on the cc. It was my only option. During that time my job had cut back my hours and I don't even know if I could have gotten a payday loan. If I was in the reverse situation (more hours and no credit) I would have definitely taken one.

IMHO compared to foreign biz opps that basically make you cancel your credit card after causing ridiculous stress and enrolling you in 10 rebills, a payday loan is not even slightly unethical. Are some people too dumb to read the loan terms? Fuck yea, but I'd rather there be options and stupid people then no options and stupid people.

The real issue is this is a Fed power play over microlenders. Which is bullshit. The dems think they have to show people they are "tough on wallstreet" but what will really happen is more controlled power and less "freedom". Want to end federal bailouts? You don't need this new legislation, you need a constitutional amendment making it illegal for congress to EVER bailout a private institution. Thats the only way to prevent bailouts since the political pressure is too high during these "crisises".

I'm not hugely politically active but if was in a group (like the tea party for example), I'd be pushing hard to use the constitution to make bailouts illegal. There is no such thing as too big to fail, there is capitalism and it corrects for unnecessary risk by moving assets to capable hands. What happened with the bailouts was immoral and sent a horrible message to those involved, which is basically "Do it again, we got your back"
 
As long as they don't come after 'rent to own' wheels and tires:

Only $20 a week (260 weeks) foo.
9_bling_cadillac_spinners.gif
 
As long as they don't come after 'rent to own' wheels and tires:

Only $20 a week (260 weeks) foo.
9_bling_cadillac_spinners.gif

Swear to God, I'm still kicking around the idea of opening up one of those shops.

I mean, that shit has to be a goldmine. One thing that concerns me is that I'd also obviously be getting into the rim repossession business as well. In the ghettos of Atlanta. So obviously, I'd have to hire some people that are crazy enough to do shit like that but are also responsible enough to come to work every day.

I think I just talked myself out of it...but GOD what a cash cow that could be.
 
Lower rates my ass.
.....
When married you'll know what the fuck you're talking about. When you're old as fuck, then you can say whats really worth living for. So dont spit on people that have values and decency.

Of point, but had to say something.


If only more people in our sex obressed society realised that a great and long lasting marriage is so little about "the" sex. It's definitely important, especially in the early bonding years, but it takes a back seat over time. Like a fine aged wine, to be enjoyed and savoured when had, but it's not the meat 'n potatoes of a long & happy relationship.