Predatory? No one FORCES any individual to use a “payday” loan, and it’s way cheaper and less threatening to one’s health than your local mobbed-up loan shark!
Re-watch the Dickems movie The Christmas Story and pay attention to Mr Scrooge.
Cadillacs...we don’t have them long, but we have them first!
Selling people loans, cars, and houses they can’t afford is the reaction to being labelled racist if you don’t. Barney Frank and the FHA made it a way of life.
At least payday loan stores don’t send a goon go break your knees if you’re slow-pay.
Democrats: Making America Great Again- for gangster loansharks!
Are they going to ban pawn shops?
Funny how these people making these legislations never go after Hillary Whitewater deals...
Now they have to go to the First Bank of Vito.
I have a friend who sometimes gets a payday loan. She has a regular check, but, she would be the first to admit that she overspends sometimes and needs this help.
It’s her choice.
Today’s ‘poor’ person in America has trappings that I’ve never had. Cable TV, 0bamaphones, gold teeth, nice cars, $100 purses, etc.)
As an added bonus, *I* get to PAY FOR THEM through my tax dollars!
How about we do something about THAT, first? The American TAXPAYER is the Payday Loan Office for a whole bunch of LOSERS.
What about coin counting machines?
8-10% fees to count my money?
Money should be free
A few years ago, my wallet was stolen. I got it back but had to open new accounts for everything. Using one of these services for awhile was the best way to switch accounts without confusion.
How about we redefine the national debt as a predatory loan?
These places are less expensive than the bank in some cases and they give you a loan way easier. Pay it back on time and it is not a problem. I sometimes go there to cash a check for the fee rather than deal with the bank line and wait.
I use them like a 711 convenience store, paying a little more for the convenience. Sign my name on the check, slip it under the window and back comes my cash.
Thanks to the rats and scotus, the CFPB is tyranny by politburo. Like Obama’s Death Panels, it is answerable to no one.
Someone explain to me again how an Article V Convention of the States is so dangerous.
So payday loads, which can only make money on the extremely high risk by high interest rates, are banished to the hinterlands and now unavailable to Californians.
YAY California. The single mom whose car breaks down and needs a $400 transmission replacement now goes where? Chances are good she doesn’t have any relatives. Prepare for the return of the loan shark, complete with knee-breaking collection practices.
California hurts the poor again and still gets to think it is helping.
Evil people, these California legislators and their cheerleaders.
Legal loan sharks. These stores tell you up front they’re shysters. Still, people sign on the dotted line. Stupid is as stupid does.
While it is true that no one forces them to use payday loans, their situation somewhat forces them to engage in an endeavor that is basically hopeless for most. The vast majority of people using payday loans will never be able to get out from under the burden. It’s just a matter of math. The only people who gain from it are those who willingly participate in placing them under a unpayable amount of debt.
Their situation might be hopeless both before and after the transactions, but it leaves the loan sharks smiling. And it is probably less hopeless if they don’t start on the path toward an endless debt spiral. Their last state is worse than the first.
We have limits on how much interest can be charged on debt. We do that for a reason. There is sort of a loophole with regard to these loans. I think that closing that loophole is a good thing.
This might seem like tough love, but I think that it is the compassionate thing to do. I do think that this really is, in a small way, a case of making America great again.
I wish banks can make small loan amount with a 30 days payback, instead of every 2 weeks, or select an option of due date as long it is within 30 days.
I am currently using an online payday loan because I am unemployed. It has helped me & I have no trouble paying it back. When due date comes around I can extend it for another 30 days only once. Not allowed to take out another loan until the current loan is paid off. Just paid off my loan so I have to wait until 4 days to take out another loan. I may be eligible for an installment loan for $100,
I was thinking it may be my last loan because I don’t want it to turn into a habit, but I have car registration & a smog check so I may have to.
Reminds me about the debate leading up the Housing Crisis of 2008. Everyone with a brain knew that lending had gotten totally out of control, even several years prior, with insane loans to people (sometimes as much as 10 times their income), but there was an element, sadly led by conservatives, that simply ignored everything and let the chips fall.
Well, they fell and now we have an extra $4 TRILLION or so of national debt due to the bailouts. The sad fact is that a certain percentage of people (large percentage) are simply NOT RESPONSIBLE when lenders dangle money in front of them, and they reach for it without considering the consequences.
So, sorry conservatives here, but I’m with the LA Times and I want these operations SHUT DOWN. They provide no useful function other than identifying where the trashy parts of cities are.
The result?
The worst recession since the 1930s.