THIS IS bull, WHAT?.. DO YOU WANT TO BORROW 300 & PAY BACK 300?.. HOW IS THE BUSINESS SUPPOSED TO MAKE MONEY?.. DONT BORROW IF U CANT PAY BACK.. SIMPLE
@Queenweezy1 I am just going to give you some facts: I don't recall anyone saying 0% interest rate. No said business couldn't make money. Now my opinion: Thank you for that wonderful financial advice.
@Queenweezy1 if you want to payback only what you borrow, then don't go to a payday lender. go to a friend and payback asap or you'll never get another favor like that again ever
Americans need to learn how to live within their means, and quit worrying about what their neighbors and friends have and worry about what they can afford! Our parents and grandparents lived that way, why can't we? I also think if they regulate thes payday advances, they need to go after pawn shops also, they are actually taking peoples belongings! I think we are just to damn greedy these days! Money and greed are the root of all evil!! GOD BLESS EVERYONE! May everyone be happy in life!!
@Keithattal5 Money is a good thing. Why is it that people who are so convinced that wealth is evil tend to support their government borrowing billions from the Chinese?
If one payday lender wants to increase its market share or enter the market against existing competitors, it will have to offer more flexibility (such as allowing partial balance repayments), lower fees, and lower financing charges. The lenders in the same area that are most exploitative will then have to compete for customers by following suit. For the people that want to protect consumers, educate, don't legislate. Widespread education will help to speed up the competition between lenders.
Who else lends to the financially desperate? Who can make those loans when payday lenders disappear because they're either banned or regulated to the point of unprofitability? What will I do if I have an unexpected medical/vehicle/etc. expense and can't feed my family until my next paycheck, and don't have the friends & extended family to bail me out?
It is sad that some people lack the education to avoid a debt trap, but that doesn't justify threatening creditors to operate a certain way.
@dbmasta People made it before payday lenders and people will survive after! What people need to learn to do is but what you can afford! If you can only build a $20,000 dollar house, then build a $20,000 dollar house! You can always build on to it later, you don't have to go and borrow $80,000 so you can build the $100,000 home, because that is what your neighbor has! What I'm saying is live within your means, if you need to sell something! That is how our grandparents lived, why can't we?
36% APR on a 2 week loan for 100.00 results in a fee of $1.20. No institution is going to risk 100.00 for 1.20 fee. However the CRAZY 390% APR that every one is up in arms about on a 100.00 Loan for 2 WEEKS is 15.00. Cruise to bank of america and tell them you want to borrow a 100.00 for 2 weeks and are willing to pay 1.20 they will laugh at you. You will pay more than that to check YOUR checking account balance.
How can it be legal for them to not accept partial payments? What part of "This note is legal tender for all debts, public and private" is in any way unclear?
400%? You cannot put a weekly/biweekly loan on an annual rate scale, it just distorts the truth. By regulating the industry all that happens is payday lenders go out of business and other loans industries raise their prices leaving the consumers with fewer and more expensive loan options.
One day a payday loan rep was pulled over by a police officer. When the officer approached his car, the payday loan rep said: "What's the problem officer?" The police officer said: "You were going 65 miles per hour in a 35 mph zone!" The payday loan rep said: "That distorts the truth officer, I have only been driving for 10 minutes so how could I be going 65 miles per hour?"
The payday lending industry spent almost 15 million dollars in an attempt to deceive AZ voters into thinking they were voting to reform. In the end, AZ voters were not the least bit fooled.
These loans should be illegal. I can't believe most states allow this.
CANALES1016 3 months ago
THIS IS bull, WHAT?.. DO YOU WANT TO BORROW 300 & PAY BACK 300?.. HOW IS THE BUSINESS SUPPOSED TO MAKE MONEY?.. DONT BORROW IF U CANT PAY BACK.. SIMPLE
Queenweezy1 1 year ago
@Queenweezy1 I am just going to give you some facts: I don't recall anyone saying 0% interest rate. No said business couldn't make money. Now my opinion: Thank you for that wonderful financial advice.
nicewknd 6 months ago
@Queenweezy1 if you want to payback only what you borrow, then don't go to a payday lender. go to a friend and payback asap or you'll never get another favor like that again ever
shoponline831 5 months ago
if they borrowed 300 from me, they would have to pay back 375 in 2wks.. EASY
Queenweezy1 1 year ago
Americans need to learn how to live within their means, and quit worrying about what their neighbors and friends have and worry about what they can afford! Our parents and grandparents lived that way, why can't we? I also think if they regulate thes payday advances, they need to go after pawn shops also, they are actually taking peoples belongings! I think we are just to damn greedy these days! Money and greed are the root of all evil!! GOD BLESS EVERYONE! May everyone be happy in life!!
Keithattal5 1 year ago
@Keithattal5 Money is a good thing. Why is it that people who are so convinced that wealth is evil tend to support their government borrowing billions from the Chinese?
mendelbot 1 year ago
I don't feel sorry for the people who get a loan, you sign a contract you pay the price, if you want money, sell some stuff
icemilitia 1 year ago
As long as the terms of the contract are clear I don't see what the problem is.
Some people become financially destitute borrowing money for a philosophy degree. Education/Information/Competition solves this problem.
LoklarYsera 1 year ago
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If one payday lender wants to increase its market share or enter the market against existing competitors, it will have to offer more flexibility (such as allowing partial balance repayments), lower fees, and lower financing charges. The lenders in the same area that are most exploitative will then have to compete for customers by following suit. For the people that want to protect consumers, educate, don't legislate. Widespread education will help to speed up the competition between lenders.
dbmasta 2 years ago
Comment removed
dbmasta 2 years ago
Who else lends to the financially desperate? Who can make those loans when payday lenders disappear because they're either banned or regulated to the point of unprofitability? What will I do if I have an unexpected medical/vehicle/etc. expense and can't feed my family until my next paycheck, and don't have the friends & extended family to bail me out?
It is sad that some people lack the education to avoid a debt trap, but that doesn't justify threatening creditors to operate a certain way.
dbmasta 2 years ago
@dbmasta People made it before payday lenders and people will survive after! What people need to learn to do is but what you can afford! If you can only build a $20,000 dollar house, then build a $20,000 dollar house! You can always build on to it later, you don't have to go and borrow $80,000 so you can build the $100,000 home, because that is what your neighbor has! What I'm saying is live within your means, if you need to sell something! That is how our grandparents lived, why can't we?
Keithattal5 1 year ago
36% APR on a 2 week loan for 100.00 results in a fee of $1.20. No institution is going to risk 100.00 for 1.20 fee. However the CRAZY 390% APR that every one is up in arms about on a 100.00 Loan for 2 WEEKS is 15.00. Cruise to bank of america and tell them you want to borrow a 100.00 for 2 weeks and are willing to pay 1.20 they will laugh at you. You will pay more than that to check YOUR checking account balance.
duesiswild 2 years ago
How can it be legal for them to not accept partial payments? What part of "This note is legal tender for all debts, public and private" is in any way unclear?
vaguy78 2 years ago
400%? You cannot put a weekly/biweekly loan on an annual rate scale, it just distorts the truth. By regulating the industry all that happens is payday lenders go out of business and other loans industries raise their prices leaving the consumers with fewer and more expensive loan options.
paydaylendingrep 2 years ago
One day a payday loan rep was pulled over by a police officer. When the officer approached his car, the payday loan rep said: "What's the problem officer?" The police officer said: "You were going 65 miles per hour in a 35 mph zone!" The payday loan rep said: "That distorts the truth officer, I have only been driving for 10 minutes so how could I be going 65 miles per hour?"
Do you think he still got the ticket?
5909south 2 years ago
36% is still crazy high.
davemartin8686 2 years ago
The payday lending industry spent almost 15 million dollars in an attempt to deceive AZ voters into thinking they were voting to reform. In the end, AZ voters were not the least bit fooled.
ksgable 2 years ago