Maymet I posted earlier a welcome to you but it didn't appear...so I will say again it's good to have you here and I hope you'll stick around to make your opposing voice be heard.
Yes. BTW the economic problems are a result of a simple thing: The national government creating and spending too much money. Don't try and sloff all of it off on companies, willing pawns though they may have been.
I agree with the Democrats on this. People are hurt by these loans and are totally unfair. Yes, I agree that we should pay taxes to protect our citizens from unfair and criminal practices. There are a lot of shysters and white collar criminals out there. Look at the mess the mortgage companies have made of this country lately. All because no one wanted to regulate the criminals. If someone steels from you,mislead or lie to people about loans-they are a criminal.
So what will happen is these payday loan companies will stop doing loans and the people who use them will have to wait to get money they need now or go to illegal sources to get the loans.
Democrats: please protecting me from myself at the point of a gun. I find it disconcerting. I can make my own decisions about what loans I will take.
Republicans: please stop protecting me from myself at the point of a gun. I find it disconcerting. I can make my own decisions about what substances I put in my body.
Well 32 bucks on 100 dollar loan, that clicks in at 1664% per year interest, maybe sometimes people do need a little protection. It doesn't matter anyway, they will just change the way they do business, service charge, 30.62 bucks interest 1.38.
Scenario: you have a shutoff notice that's due Monday. You don't get paid until Friday. Since you can no longer get a payday loan, you rely on your bank's overdraft protection and are charged a $32 overdraft fee for that $100, 5 day loan.
This bill doesn't protect the working poor, it protects the TRUE predatory lenders who have just gotten the general court to outlaw their competition.
What the legislators are saying is that they'd prefer an illegal loan sharking market to a civil one. I can't fathom how they believe the dellusion that people will stop needing money because the loans are illegal.
Can you give me more than just this claim? Where is the infomation, that would verify, you claim? I want to see, or hear, it for myself, not second-hand.
while payday loans suck, it is the foolish people who are patrons of such a business that is the problem. They are the ones who keep the "predatory lending practices" alive and breathing...the fact of the matter would be that it is these people who have bad credit, do not know how to manage money, and are primarily apethetic to anything that doesn't get piped into their living room via tv......there is your problem.
Predatory lending practices have got to stop. I do not sympathize with those who prey on the financially strapped. The remedy is not enforcement by 'lending cops', but but by preventing lenders from seeking redress of grievance in the courts to enforce their unfair contracts. The lenders should have taken steps to address the concerns of their customers before the legislature got involved. After all, this is about fairness.
How can one make a judgment about the "fairness" of mutual agreements between or among other individuals? That's like saying that no one should buy a car because you do not think it is worth the price.
Because the bargaining positions of the parties is not level. Many of these loans are secured by property worth several times more than the value of the loan. Why should a lender reap the windfall when the borrower defaults? If lenders were limited to the value of the loan in the secured property, and the remaining value with the borrower, there would be less incentives for lenders to use predatory terms in their contracts. This practice is abusive and usury in the worst sense of the word.
What are you talking about? You can't just take someone's property if they owe you money. You can certainly foreclose on it in some instances and take the portion that you are owed plus any associated fees, but you have to leave the individual with the difference.
I'm talking about property used as security for a loan. Title loans are the most prevalent type of short term "payday" type loans. You sign the title over to the lender and you keep driving the car. If you default, they take the car. The repayment terms are drafted in such a way that financially strapped individuals struggle to meet the payments, and often default. These lenders end up with a windfall. Perhaps you should look at the contracts used by these lenders. You don't get anything back.
Gotcha. Car title loans are different than payday loans. Payday loans are secured with a post-dated check. If the check bounces and you don't pay, then the lender will typically garnish your wages. Auto title loans are secured in the manner you described, but the loan amounts are somewhere close to the value of the car, so are not nearly as ridiculous as you make them out.
The enrichment is not earned, regardless of the default. If you and I entered a contact whereby I loaned you $100 and pledged my $30,000.00 vehicle to secure the loan, does not give you the right to keep the car if I default. And lenders who use these tactics are unscrupulous. Using contact law to protect these lenders is corrupt.
You are correct that the bargaining positions of the parties is not level. Of course the bargaining positions in EVERY negotiation is NEVER level. It is a metaphysical impossibility.
The borrowers have almost all the power in this case. The lenders would go out of business if they didn't have any customers.
i am one of those whom are finacially strapped so much so i dont even have a bank account, and i have used such services, yeah it costs a bit of money but i rather give the payday people some profit for their services, especially since i travel so much. It should be my choice what i want to do with my fiat money. Lynch just did NH a big disfavor.
It appears that you make good on your promise to repay, and haven't fallen into the morass of problems that befall those who do default. And that is what I was directing my comment to. Predatory lending is when the terms of the contract favor one party overt he other to the extent that there is unjust enrichment. Yes, you must repay the loan, but no, you don't deserve to be fleeced. If you don't agree with this view, fine. I hope you never get into this predicament.
hope he unemployed by then too! sure, loan sharks are bad - but those people hit by the regulation aren't really loan shark that will break our legs if you can't pay on time.
well as odd as it might sound - but if you stay within our means you don't have to brow money from them - and if you have get some cash in a hurry as family and friends first before heading their. sure, economy isn't looking too bright right now but if you know that you won't be able to pay it back you should take a credit in the first.
Great. Sounds like a perfect business opportunity for you. You can double your money on a regular basis and quit your job and out compete these guys. Looking forward to seeing your storefront.
i cant wait for Gov. Lynch to lose his job too! ya know for a hoosier i have called that jerk more times than i can remember. Ya know Gov. I thought you were in the LIVE FREE OR DIE state, over the pass year or so it has been apparent to me you dont care about the people of NH. one bit, you have told them how to live, you let the Federal Gov. come in overstepping Jurisdiction to wrongfully arrest an elderly couple that you sir should had protected, Mr. Lynch you repulse me.
Maymet I posted earlier a welcome to you but it didn't appear...so I will say again it's good to have you here and I hope you'll stick around to make your opposing voice be heard.
RidleyReport 4 years ago
Would you really want Benson back?
Maymet 4 years ago
Yes. BTW the economic problems are a result of a simple thing: The national government creating and spending too much money. Don't try and sloff all of it off on companies, willing pawns though they may have been.
RidleyReport 4 years ago
I agree with the Democrats on this. People are hurt by these loans and are totally unfair. Yes, I agree that we should pay taxes to protect our citizens from unfair and criminal practices. There are a lot of shysters and white collar criminals out there. Look at the mess the mortgage companies have made of this country lately. All because no one wanted to regulate the criminals. If someone steels from you,mislead or lie to people about loans-they are a criminal.
Maymet 4 years ago
So what will happen is these payday loan companies will stop doing loans and the people who use them will have to wait to get money they need now or go to illegal sources to get the loans.
dewbie42 4 years ago
Democrats: please protecting me from myself at the point of a gun. I find it disconcerting. I can make my own decisions about what loans I will take.
Republicans: please stop protecting me from myself at the point of a gun. I find it disconcerting. I can make my own decisions about what substances I put in my body.
Thank you.
dmgoddard 4 years ago 4
Well 32 bucks on 100 dollar loan, that clicks in at 1664% per year interest, maybe sometimes people do need a little protection. It doesn't matter anyway, they will just change the way they do business, service charge, 30.62 bucks interest 1.38.
This won't change anything.
Iain1962 4 years ago
There is already a law that prevents them from charging service or processing fees of any kind.
Everyone is totally screwed. Mommy government has decided that people cannot make their own choices in the marketplace.
mengerfan 4 years ago 2
Scenario: you have a shutoff notice that's due Monday. You don't get paid until Friday. Since you can no longer get a payday loan, you rely on your bank's overdraft protection and are charged a $32 overdraft fee for that $100, 5 day loan.
This bill doesn't protect the working poor, it protects the TRUE predatory lenders who have just gotten the general court to outlaw their competition.
Bound4NH 4 years ago 9
exactly!
anothervanmeter 4 years ago
What the legislators are saying is that they'd prefer an illegal loan sharking market to a civil one. I can't fathom how they believe the dellusion that people will stop needing money because the loans are illegal.
giggan1 4 years ago 7
This comment has received too many negative votes show
Riddly does little research before he posts his report on Ron Paul wanting bigger government was totaly inaccurate and false.
He is not worth watching any more.
pure1warrior 4 years ago
Can you give me more than just this claim? Where is the infomation, that would verify, you claim? I want to see, or hear, it for myself, not second-hand.
mlang52 4 years ago
while payday loans suck, it is the foolish people who are patrons of such a business that is the problem. They are the ones who keep the "predatory lending practices" alive and breathing...the fact of the matter would be that it is these people who have bad credit, do not know how to manage money, and are primarily apethetic to anything that doesn't get piped into their living room via tv......there is your problem.
taoistaoistao 4 years ago 2
What sucks about someone providing a service that people want?
mengerfan 4 years ago
Predatory lending practices have got to stop. I do not sympathize with those who prey on the financially strapped. The remedy is not enforcement by 'lending cops', but but by preventing lenders from seeking redress of grievance in the courts to enforce their unfair contracts. The lenders should have taken steps to address the concerns of their customers before the legislature got involved. After all, this is about fairness.
bbburton 4 years ago
How can one make a judgment about the "fairness" of mutual agreements between or among other individuals? That's like saying that no one should buy a car because you do not think it is worth the price.
mengerfan 4 years ago
Because the bargaining positions of the parties is not level. Many of these loans are secured by property worth several times more than the value of the loan. Why should a lender reap the windfall when the borrower defaults? If lenders were limited to the value of the loan in the secured property, and the remaining value with the borrower, there would be less incentives for lenders to use predatory terms in their contracts. This practice is abusive and usury in the worst sense of the word.
bbburton 4 years ago
What are you talking about? You can't just take someone's property if they owe you money. You can certainly foreclose on it in some instances and take the portion that you are owed plus any associated fees, but you have to leave the individual with the difference.
mengerfan 4 years ago
I'm talking about property used as security for a loan. Title loans are the most prevalent type of short term "payday" type loans. You sign the title over to the lender and you keep driving the car. If you default, they take the car. The repayment terms are drafted in such a way that financially strapped individuals struggle to meet the payments, and often default. These lenders end up with a windfall. Perhaps you should look at the contracts used by these lenders. You don't get anything back.
bbburton 4 years ago
Gotcha. Car title loans are different than payday loans. Payday loans are secured with a post-dated check. If the check bounces and you don't pay, then the lender will typically garnish your wages. Auto title loans are secured in the manner you described, but the loan amounts are somewhere close to the value of the car, so are not nearly as ridiculous as you make them out.
mengerfan 4 years ago
"Why should a lender reap the windfall when the borrower defaults?"
Uh...maybe because the borrower has defaulted?
RidleyReport 4 years ago
The enrichment is not earned, regardless of the default. If you and I entered a contact whereby I loaned you $100 and pledged my $30,000.00 vehicle to secure the loan, does not give you the right to keep the car if I default. And lenders who use these tactics are unscrupulous. Using contact law to protect these lenders is corrupt.
bbburton 4 years ago
You are correct that the bargaining positions of the parties is not level. Of course the bargaining positions in EVERY negotiation is NEVER level. It is a metaphysical impossibility.
The borrowers have almost all the power in this case. The lenders would go out of business if they didn't have any customers.
ronhelwig 4 years ago
i am one of those whom are finacially strapped so much so i dont even have a bank account, and i have used such services, yeah it costs a bit of money but i rather give the payday people some profit for their services, especially since i travel so much. It should be my choice what i want to do with my fiat money. Lynch just did NH a big disfavor.
anothervanmeter 4 years ago
It appears that you make good on your promise to repay, and haven't fallen into the morass of problems that befall those who do default. And that is what I was directing my comment to. Predatory lending is when the terms of the contract favor one party overt he other to the extent that there is unjust enrichment. Yes, you must repay the loan, but no, you don't deserve to be fleeced. If you don't agree with this view, fine. I hope you never get into this predicament.
bbburton 4 years ago
hope he unemployed by then too! sure, loan sharks are bad - but those people hit by the regulation aren't really loan shark that will break our legs if you can't pay on time.
Sideshowbobx 4 years ago 5
They may not break your leg (maybe), but they will take 10X's what you were loaned. Some how I find 2X's plenty.
Maymet 4 years ago
well as odd as it might sound - but if you stay within our means you don't have to brow money from them - and if you have get some cash in a hurry as family and friends first before heading their. sure, economy isn't looking too bright right now but if you know that you won't be able to pay it back you should take a credit in the first.
Sideshowbobx 4 years ago
Great. Sounds like a perfect business opportunity for you. You can double your money on a regular basis and quit your job and out compete these guys. Looking forward to seeing your storefront.
askifICare 4 years ago
i cant wait for Gov. Lynch to lose his job too! ya know for a hoosier i have called that jerk more times than i can remember. Ya know Gov. I thought you were in the LIVE FREE OR DIE state, over the pass year or so it has been apparent to me you dont care about the people of NH. one bit, you have told them how to live, you let the Federal Gov. come in overstepping Jurisdiction to wrongfully arrest an elderly couple that you sir should had protected, Mr. Lynch you repulse me.
anothervanmeter 4 years ago 3