The Payday Lending Business Model

[teslaglobal]

If its so bad just loan from them as much as you can then Like most people do just declare yourself benkrupt. thast what I see lots of people do fuck them cause they fucked you.

[dsteitz1]

well some payday loan companies are decent. i recommend calling 877-271-2850 for a payday loan.

[Flxiblemetro]

Why do banks and credit unions give college students unsecured credit cards?.., especially low income students.

[unytcommsys]

I had a credit card before I had a job. If your kid can't handle the responsibility, then that just shows how underdeveloped they are. I have plenty of cards. All have been paid off; I don't spend what I don't have.

[unytcommsys]

@unytcommsys .... I understand that people can have situations in their life that disrupt their social-economic status. For example a medical situation or a lost of work. These are understandable. However if you're just going to spend money like an idiot, then I have no bleeding hart for you. First thing you do is downgrade what you don't need. Most don't need cable, or that giant SUV. You don't need Soda or fast food.

[bogohoboho]

the ohio christian alliance is backing the payday loan industry. bought and paid for.

[phitau09]

391% apr is all I ever see. How can that be if a person gets charged a flat fee of 15 dollars per 100 dollars they borrow on a 14 day loan, not an annual loan. If you use basic math, that would be 15%. Are people really that dumb??? The majority of those customers are responsible but then you got the idiots who take out 10 loans at a time. Well no wonder they cant pay them back. Dont blame the industry..blame irresponsible people who cant manager their funds. Blame banks who charge daily fees

[iren86]

I love your point. Its the same point I have been trying to make, If you can't pay it back then dont take the fucking loan. Very simple thinking maybe minorities should adapt to this type of thought.

[unytcommsys]

Most of the people I see in these videos (PayDay Loan videos) are "white." An unfortunate SOB is an unfortunately SOB no matter who they are!

[vegaswolf105]

Sounds like the "stimulus" package, give people who can't afford their house payments money and tell them to go to buy stuff with it...it's the way of wall street. Take a look at publicly traded payday loan companies and see who provides them with funding...Chase, and other large banking conglomerates. Now you know why nothing but hand slapping will be done. Lesson....stop buying junk you can't afford. Live within your means...

[loveitporkchopchop]

I believe it takes the consumer to walk in the doors of payday lenders to complete a loan. So why is the industry at fault? Because people are irresponsible? It is utimately the sole responsiblity of the consumer. There are no hidden fees, everything is disclosed at time of loan. Why is the payday lenders fault that you as a consumer have abused the service that is valuable to many? YOU ARE THE ONLY ONE THAT KNOWS WHAT YOU CAN AFFORD.If you cant afford it then why did you take out the 19th loan?

[scott575]

hmmm, I noticed that everyone on this video complained but no one actually offered a solution. Also good job in taking a step toward costing 6,000 people their jobs.

[Driver515993]

Thank God your finally here to offer a better solution ! So far the best one I have heard is to shut these places down. Go ahead....whats the solution ....

6000 jobs that hurt hundreds of thousands across the country.......hmmmm tough decision...I think I'll still go with the 6000

[LIQUIDCIRCUIT7788]

The scenerio painted is that people that lose control have no fault and no education ( or calc.) Most of the jobs in the tri county area are either seasonal or temp , jobs are scarce in ohio , that's why they are here , loans get out of hand if you can't add or make the imature decision to take one you can't pay back , I agree with bqx88 comment on placing a huge FORCLOSURE sign on Ohio

[bgx88]

THESE LAWMAKERS ARE A COMPLETE JOKE. Payday lending may cost you a fee but its better than bank fees repos losing your house, the list goes on. BUT LISTEN UP BIG SHOTS If you shut them down you BETTER be constructing a forclosure Sign for Ohio Because no one will have anywhere to go. THE ECONOMY WILL BE MORE ADVERSLY AFFECTED RATHER THAN LEAVING THE LENDERS in BUSINESS.. BEFORE you take away peoples right to decide talk to some RESPONSIBLE BORROWERS before you bash the business...

[djtkgt]

payday loans cause health problems thats a new one HOW DUMB!PAYDAY LOANS THE SCAPEGOAT FOR THE IRRRESPONSABLE. Ive borrowed before and paid it back and it helped me avoid three overdraft fees at 35.00 a pop plus 9.00 a day also borrowed from 2 places at christmas and will have both paid off this week (yes if you borrow money you have to pay it back the nerve of these lenders wanting there money back these do gooders need to get a real job instead of being paid advacates.right on vaguy

[YYZpresto]

You got it. As if payday loans are evil, but bank fees are divine. If someone writes a check for $42 and they only have $40 in their account, what happens? They are docked $35 for isf. Now compare that APR with a typical payday loan.

[Driver515993]

saved you from being irresponsible and BOUNCING three checks !?! hmmmm by the way....the bank fees still would have been cheaper

[skababy8227]

i was in the payday lending trap for over 3 years and i finally put my foot down and stopped borrowing.all payday loans placves should be shut down..indefinitely due to legal loan sharking

[vaguy78]

Right so because you made poor financial decisions payday loans should not be available to anybody. Gotcha.

[skababy8227]

right so vaguy73, im so sure that YOU were never in financial difficulty, never late on a payment to ANYONE,. dont throw stones when you live in a glass house. Gotcha.

[vaguy78]

I do not subscribe to the belief that it is the role of the government to protect people from making poor financial decisios. All the terms of a payday loan are fully disclosed to the customer.

[Fanniedee]

I had 10 payday loans when I lived in Los Angeles, had to get a second job to pay them off and I paid off every one. I moved to Las Vegas, figured I could do the same thing five years later. hahaha! I was 5 years older and it wasn't that easy. Got in the payday loan hell hole again, but the only difference was they were higher payday loans and I couldn't find a part time job. Ended up having to file for bankruptcy to get rid of them. No excuses. It's just a rip off company that's addictive.