It's worse in Utah. There are known legislators who own these payday lending institutions, and write and push laws that protect THEM, not the people. Reprehensible.
Payday Loans have their place. Many times, a person my need to get there car fixed immediately to go to work! If you have bad credit, no banks will give you a loan. Go get a cash loan in 60 minutes. Check out the best payday loan program online by going to my profile page.
if your stupid enough to take this loan, its not my problem to bail you out. You need to suffer the repercussions of having bad credit, not reading the fine print, etc etc. Also if you think this is how i feel about the little guy and not the banks, think again. I also think if banks screw depositors money, then the bank goes under and so does the depositors, those depositors should have known first hadn where there money was going to be used for besides loans.
They have payday places around here (Michigan) you can get 600 bucks, and that will cost you 72 dollars for the loan. Out to 30 days, but if you get stuck on it for 8 months, they make you stop and go into a 90 day payment plan to get it paid off and stop doing it.
I get Social Security and I only get paid 1 time a month. I get a pay day loan every month and I am very thankful because on the 15 day of the month I get $200.00 and it only costs $36.00 and I think it is a good thing. Because of my pay day loan I can eat all month long.
@Mr1967lefty The way I tell people to get out of the situation of borrowing $500 is to borrow $400, then $300, then $200, then $100 and in only five months they are free and clear of the loan. You can do it in $50 increments if you can't live temporarily on $100 less a month.
@SpitfireOFatj I am just fine with my payday loans like I said It only cost me $36.00 and I only get 1 loan a month I go to the same company every month. When people get in trouble its because they get 3 loans from 3 different company's. I have this addiction to eating every month. We have had months that we did not need it and we did not get it .The trick is not to abuse it. Believe me if I have money I dont get it but I have bad credit and sometimes I need food .
@Mr1967lefty "I have bad credit and sometimes I need food "
I know someone who had to get one because their fridge broke down. He was continuing to borrow $500 a month for over three years. That fridge ended us costing him thousands.
I don't know why but some people live their life thinking "their ship will come in". They really believe there's this magic time in everybody's life when they'll be showered in cash and they run up debt waiting for that day.
Pay day loans are for idiots. If you take the loan it's your fault. These liberal idiots blame the companies. If liberals get their way individual responsibility means nothing anymore. Then add the fact that only people with bad credit use these loans. Bad credit has repercussions.
Tell that to the US Gov't. Tell that to the State Governments. Tell that to the big banks that got their bad loans written off with taxpayer money and no consequences.
But no, when it's the little guy getting screwed by the system stacked against him it's his fault?
@Aethan001 You Right Wingers always have to show off your smug superiority. These payday lenders aren't just for what you think of as "losers". They run TV ads targeting EVERYBODY. One in particular airing locally shows someone stuck in a mechanic's shop with an unexpected repair bill.
The scam is deeper than what the tyt video exposes. Some of these payday loan places will sell your name and address to gambling publications. These gambling publications will send material wetting the appetite of those who may be suffering a gambling addiction.
Payday loans is a scum of the earth operation. I repeat some of them will exploit those suffering from gambling addictions via gambling publications sent in the mail. There is more to this that needs to be exposed. Scum of the earth.
Sarah Palin will PUNISH the bankers for this scam and EXPOSE their CIRCUMCISED PUSSIES for the whole world to see! Any bank that screws over the people will be DESTROYED by the WRATH and FURY of GOD HERSELF!
@Saikr0n I understand APR, most journalists misleadingly say "interest". Clearly $47 on a $300 dollar loan is not 460% total interest on the loan.
Again, who is going to lend out $300 for 2-4 weeks if they get back $12? Rich people say they are doing it in the interest of the working poor, yet I'd be willing to bet that if you asked any of the people who used payday loan services if we should ban them they'd so no.
@killerchipmunkattack That's true, it's a choice, but it doesn't make these payday loan places any less predatory. People need to be made aware of how much a scam they are, so when push comes to shove, they know NOT to go there, and find some other way. Charging 200% interest is pure insanity.
But it's better than becoming an indentured servant isn't it? Also, if this was how loans were handled, it would make one think twice about getting a loan in the first place (heavens forbid that!). Of course banks will have none of this as long as they are in control. But it's still food for thought should the day come when they are not. Captain Common Sense signing out.
Regulation of interest rates to prevent usurious charges is really a diversion of a more elegant solution to the problem. Instead, there should be laws imposing a cap on how much a loan may collect in interest fees, say 100% of the principal amount. When max interest has been paid, 100% of any remaining debt payments go to principal. Sure, under this system you'd be practically guaranteed to be charged an interest rate that would ensure the loaner would collect max interest. Continued...
I love how regulating the internet is slippery slope, but regulating pay day loans is perfectly acceptable!
I took out a $300 dollar loan when my dog had a back injury. My next payday I had to pay back $350. Supposedly this amounts to 460% interest. I don't know how that guy would make any kind of money lending out such small amounts for short periods of time.
The point is, that service was there when I most needed it!
"I took out a $300 dollar loan when my dog had a back injury. My next payday I had to pay back $350. Supposedly this amounts to 460% interest. I don't know how that guy would make any kind of money lending out such small amounts for short periods of time."
Why do that? A credit card would have been cheaper. It wouldn't cost you $50 if you are responsible.
we'll regulate it, after they rape people for a couple months or years. That seems to be the new game, rape the public until were almost rioting and then fix it after a huge profit is made. "oh, sorry!'
I think you need to be specific. Big banks are kind of ambiguous. Which big bank? I want to check it out and follow up to see where this is happening.
Stop using credit people. It's a racket and a rip off. Spend only what you earn. It' hard and it may suck for you few years but it's worth it in the long run. The short term benefits of credit are not worth the long term loss.
In Britain a customer borrowing £100 for 28 days without the consent of Santander would repay £200, That is the equivalent annualised percentage rate, or APR, of 819,100%
@yomumisminging indeed, but whats worse is if your with some banks, and have an unauthorised overdraft you can get hit with the equivalant APR of 819,000%
Nobody forces anyone to take out loans. I don't agree with credit, and anyone who does is a sucker. Shallow graves around the globe are full of stupid people who couldn't pay up. Hahahahaha.
the rates are ridiculous for sure, but they're that high because the type of loans these are are much harder to recoup. For every person that pays 400% interest, there's a couple people that never pay back anything at all. And yes the banks are still profiting at the end of the day
I gotta admit, the people who use these services are straight up stupid. They should research what they're doing.
I can imagine the occasional payday loan to pay for a funeral or some crap..... but most things are financially foreseeable. Such as seeing your rent due date come around the corner or seeing your car payment coming.
Simple financial educated could save these people thousands.
the point you miss is that these obvious unpayable loans are being made using your deposit money. It is you who is lending these 'stupid' people money under those circumstances. Then when they cant pay it back, you have to give your money to the bank again by way of a bailout, so your ATM balance remains the same.
For these reasons, protesting about the 'stupid' borrowers and not protesting blatant misuse of your money by the banks would be 'stupid'.
This just in: Banks have been found to be responsible for AIDS, MERSA, Cancer, Late Term Abortions, Poverty, Famine, Unemployment, Global Warming, Pollution, Fukushima Daichi, Chernobyl, The Challenger Accident, The Mafia, The Illuminati, The 1%, Birth Defects, Heart Disease, Government Corruption, Teen Pregnancy, Extinction, Endangered Species, Murder, Theft, Robbery, Burglary, Assault, Battery, Fraud, Child Abuse, Pedophilia, MJ's Death, Homelessness, and otherwise ALL EVIL IN THIS WORLD!
It is ass backward that the harder someone finds it to make repayment, the more they charge them. The progression by banks to become the scum of the earth was not short lived.
@fantasy0coach yeah but no serious bank would lend out to high risk customers at a low rate because a good percentage of them never pay back at all. The interest by the payers wouldn't be enough to cover the people who don't pay anything. Not saying it's wrong or right, but that's how it is
No serious bank would lend out their own money to high risk borrowers at all, in the past. But, thanks to government deregulations they know they will sell the loans off to investment funds and hand over the risk, then they will charge the purchaser to service those loans, where the loan going bad means extra services required therefore allowing them to charge even more for the bad loans they sold them. But, someone is going to be left bearing the loss.
cont... in the case of the USA, it was the taxpayers and their pension funds etc that wore the loss. The banks would never risk their own money like that, but when it's everyone elses money, shit, hell for leather. We'll take it. They know damn well if they lose everyones money, the govt will give it back. They have to, cant have empty ATM's.
Meanwhile the dividends and regular profit distribution keeps a nice slice for the execs and major shareholders.
The nature of capitalism - find the best way to make the most money with the least amount of personal risk. That's the whole reason corporations were created, but at least there, the risk is split among many individuals to lessen the total amount of risk individuals take on. In the case of these loans and credit default swaps, etc., the corporations are trying to shift ALL the risk to someone else while they reap all the benefits.
It's amazing that Michael Shure is so fucking blind to the reality, he still believes that 'saving' the banks was the right thing to do. What a blind person. But I guess it's his ideology - print money and give it out, he can't see long term problems at all, and that's the definition of a 'liberal' or a 'progressive' - somebody who doesn't understand economics, doesn't see long term consequences of anything and wants bigger gov't to solve the problems he creates with his short-sightedness.
The gov't sets the interest at 0% from the Fed's discount, because only fake money (counterfeit) can have 0% fake interest.
In reality there are no savings, there is no production, so the real interest rates are insanely high, no business and no person can get REAL loans because there are no savings in the private market that are not gov't fake money related. The REAL interest rates are insanely high and gov't pretends that the interest is 0% because it simply prints currency to loan out at 0%
Maybe the banks should stop giving them, see how that works out for the people who WANT THOSE LOANS.
Do you know why these loans are so expensive? Because government set the interest rates at 0% and forced Treasuries to 1-2.5%
That's right! The gov't sets price of money in a way that ONLY gov't can get the credit. Fed gives free money to banks so that they would buy gov't bonds. Nobody else can get any credit, so market credit prices are WAY UP.
We had this problem in sweden, but we called them "Text-loans", because a person could just text their account nr to the lenders and get something like a few hundred dollars. When alot of kids started getting in to some really bad financial sitiuation we REGULATED it. Now, three years later, its more or less gone. Our goverment works and we can regulate banks.
@Liqtor How DARE you regulate the banks!?!?!?!? Don't you know they are too important to put any restrictions on. Oh, and whatever happened to economic freedom. They figure out a way to make a profit, and you guys get jealous!
Who the fuck would think that taking a 240% interest loan would be a good idea?! I mean I'm relatively poor and I still know how percentages work (and what interest is).
@hamrite "I was complaining about the light, not the sound for once. Its getting better"
It's not the lighting. They're standard studio lights. It's the camera settings. Look how the camera just on Ana looks washed out compared to the other camera. This could be on the camera itself or in the control room or a little of both. I've seen cases where you have to add a little shade for the lens to prevent a knicker light from throwing off the exposure.
The payday loans are pretty bad, but as far as the credit card debt, I have to say people a lot of times get themselves into a deep hole and it is their own fault. I only say that because of a person I know who has a very expensive car and other luxuries and then complains about how much debt he has. It's obnoxious.
Nonetheless, these payday loans seem directly targeted at the vulnerable and the poor, which in my opinion is reprehensible.
@Paulsasleepwalker I personally would rather see her as senator of Massachusetts... it's such a blue state that she could easily be in the Senate for decades and eventually become really powerful. And Ted Kennedy deserves to have someone like Warren in his seat, Scott Brown is besmirching it. Let's face it, Warren would just get sidelined as Treasury Secretary anyway... not that she would ever get confirmed, the GOP would definitely put a hold on or filibuster her nomination.
@bluesboy25000@DaBamBamMan I know, but the most effective way to regulate Wall St. and the banks would be if Warren was the Treasury Secretary. But knowing Obama it'll prolly be another Goldman executive.
I used to work at a place that offered payday loans. At a manager's meeting, store managers were pressured by corporate to push payday loans on customers because the loans are so profitable. The reason they're profitable is because it's a never ending cycle and people will keep taking them back out and repaying the origination fee.
@TheFunkyDomination It IS real, laws have been passed, Obama appointed a leader to police the organization and republicans are holding up the appointment. The neonazis will not let the man do his job, they are even planning to filibuster over it.
@TheFunkyDomination it is ridiculously high. But these are supposed to be very short term payday lones just to hold you over. So let's say you're expecting a paycheck in 5 days but need some money to hold you over. You borrow $500 at 400% annual interest. That comes to $27 for a 5 day period. So you pay $27 to borrow $500 for roughly a week. It may seem ridiculous but for people scraping by it's better than no option at all. And the % is high because the # that don't pay back
This country is a powder keg. This shit cannot go on forever. I picture riots in the street. Also, watch as people start defaulting on this. This country is fucked.
@Shinius Ain't that criminal :???: I mean, one will pay multiple time more than what he borrow... I don't know in USA, but in Canada, the upper limit on interest rate is 60%, and this might include the processing and deferral fees.
And then there is the BACK END, the banks would not stop at simply giving the payday loans, but they will use these loans to create all kinds of delicious credit default swaps and sell them off to pension funds, and fill them with all the worst loans, to make sure that the risk is taken up by anybody but themselves.
@KissFromDaddy In America, with little by the way of a social safety net, that is not always possible. In a medical emergency, or in the case of a car breakdown (with nothing by the way of public transport to back you up) if you need money fast, you need it.
@KissFromDaddy Easy to say, but there is two details you forget: 1. The total US consumer debt (as May 2011) is $7915.14 per person, when the median income is $53283, there is a systemic problem. 2. there is nothing wrong with debt as such, as long as the principal keep a certain value (no bubble) and the debtor don't end up paying more than the total variable value in real term. If we speak of a business, the boss have to pay the wage at any time without taking more debt.
@KnodoffFan i get that but that is just the way the world works right now... doesn't make it right but what are u gonna do..... stop trying to educate people???
@dangerouslytalented tru dat, less interest, more humane people. And if u cant pay up, ur life is gonna be fucked anyway. The mafia probably kill u, but banks mess wit ur whole family
@sersarsor Plus, since they are not securitising the loans, they have an incentive to make sure that the people can pay it off... eventually... Whereas here, there is absolutely NO risk to the lender.
@dangerouslytalented Hey at least the Mafia will only brake your legs. These guys will take every dime you have. Then take 80% of your paycheck until the money is paid back.
There will be a day when we look back on Capitalism and wonder, how did we ever believe that would work?
wojovox 1 week ago
Oh, who's surprised? Honestly?
Was anyone shocked by this news, or did you go, "Well yeah, go figure!"
It's just disgusting, is what it is.
FrankLightheart 1 week ago
It's worse in Utah. There are known legislators who own these payday lending institutions, and write and push laws that protect THEM, not the people. Reprehensible.
lafemmefatalle 1 month ago
Payday Loans have their place. Many times, a person my need to get there car fixed immediately to go to work! If you have bad credit, no banks will give you a loan. Go get a cash loan in 60 minutes. Check out the best payday loan program online by going to my profile page.
cashloans411 1 month ago
if your stupid enough to take this loan, its not my problem to bail you out. You need to suffer the repercussions of having bad credit, not reading the fine print, etc etc. Also if you think this is how i feel about the little guy and not the banks, think again. I also think if banks screw depositors money, then the bank goes under and so does the depositors, those depositors should have known first hadn where there money was going to be used for besides loans.
ComputerHelp55 2 months ago
They have payday places around here (Michigan) you can get 600 bucks, and that will cost you 72 dollars for the loan. Out to 30 days, but if you get stuck on it for 8 months, they make you stop and go into a 90 day payment plan to get it paid off and stop doing it.
restinghope 2 months ago
Yep.
TheGiantRobot 2 months ago
When you get right down to it, this is the very definition of a "front company".
SpitfireOFatj 2 months ago
This is exactly why I love watching banks get robbed!
Illuminati33degree 2 months ago in playlist December 7, 2011
...if all those idiots weren't so materialistic....and kept buying shit they don't need, they wouldn't friggin' need more money to spend...
tjb62 2 months ago
I get Social Security and I only get paid 1 time a month. I get a pay day loan every month and I am very thankful because on the 15 day of the month I get $200.00 and it only costs $36.00 and I think it is a good thing. Because of my pay day loan I can eat all month long.
Mr1967lefty 2 months ago
@Mr1967lefty The way I tell people to get out of the situation of borrowing $500 is to borrow $400, then $300, then $200, then $100 and in only five months they are free and clear of the loan. You can do it in $50 increments if you can't live temporarily on $100 less a month.
SpitfireOFatj 2 months ago
@SpitfireOFatj I am just fine with my payday loans like I said It only cost me $36.00 and I only get 1 loan a month I go to the same company every month. When people get in trouble its because they get 3 loans from 3 different company's. I have this addiction to eating every month. We have had months that we did not need it and we did not get it .The trick is not to abuse it. Believe me if I have money I dont get it but I have bad credit and sometimes I need food .
Mr1967lefty 2 months ago
@Mr1967lefty "I have bad credit and sometimes I need food "
I know someone who had to get one because their fridge broke down. He was continuing to borrow $500 a month for over three years. That fridge ended us costing him thousands.
I don't know why but some people live their life thinking "their ship will come in". They really believe there's this magic time in everybody's life when they'll be showered in cash and they run up debt waiting for that day.
SpitfireOFatj 2 months ago
Pay day loans are for idiots. If you take the loan it's your fault. These liberal idiots blame the companies. If liberals get their way individual responsibility means nothing anymore. Then add the fact that only people with bad credit use these loans. Bad credit has repercussions.
Aethan001 2 months ago
@Aethan001 "Bad credit has repercussions".
Tell that to the US Gov't. Tell that to the State Governments. Tell that to the big banks that got their bad loans written off with taxpayer money and no consequences.
But no, when it's the little guy getting screwed by the system stacked against him it's his fault?
Bankstercide 2 months ago 2
@Aethan001 don't banks have any responsibility not to screw over people?
Why does responsibility only lay with the victim?
booley 2 months ago
@Aethan001 You Right Wingers always have to show off your smug superiority. These payday lenders aren't just for what you think of as "losers". They run TV ads targeting EVERYBODY. One in particular airing locally shows someone stuck in a mechanic's shop with an unexpected repair bill.
SpitfireOFatj 2 months ago
The scam is deeper than what the tyt video exposes. Some of these payday loan places will sell your name and address to gambling publications. These gambling publications will send material wetting the appetite of those who may be suffering a gambling addiction.
Payday loans is a scum of the earth operation. I repeat some of them will exploit those suffering from gambling addictions via gambling publications sent in the mail. There is more to this that needs to be exposed. Scum of the earth.
666brainiac 2 months ago
This has been flagged as spam show
Fantastic, have a look!
youtube.com/watch?v=tfO9eKG5rwM
MultiAhka 2 months ago
Sarah Palin will PUNISH the bankers for this scam and EXPOSE their CIRCUMCISED PUSSIES for the whole world to see! Any bank that screws over the people will be DESTROYED by the WRATH and FURY of GOD HERSELF!
ecwaufisxtreme 2 months ago
@Saikr0n I understand APR, most journalists misleadingly say "interest". Clearly $47 on a $300 dollar loan is not 460% total interest on the loan.
Again, who is going to lend out $300 for 2-4 weeks if they get back $12? Rich people say they are doing it in the interest of the working poor, yet I'd be willing to bet that if you asked any of the people who used payday loan services if we should ban them they'd so no.
VictoryCough 2 months ago
And people wonder why regulations are needed....
Thethoughtful1z 2 months ago
Comment removed
Thethoughtful1z 2 months ago
Ok noone makes anybody takes loans wif such ridiculous interest rates, it's personal choice
killerchipmunkattack 2 months ago
@killerchipmunkattack That's true, it's a choice, but it doesn't make these payday loan places any less predatory. People need to be made aware of how much a scam they are, so when push comes to shove, they know NOT to go there, and find some other way. Charging 200% interest is pure insanity.
NeonPinkEyeShadow04 2 months ago
Western Sky will loan you money, and it's expensive, but if you don't pay, they take your scalp.
mostritegod 2 months ago
Get more lighting please guys, too dark! :-(
chrismc89 2 months ago
Some "payday loan companies" in the UK have interest rates of approximately 2500% apr.
ShallowBeThyGames 2 months ago
2:05, "TOTTALING"? I realize Photoshop and other image programs don't check for spelling, but really TYT?
MisledTrick 2 months ago
Image said 450k but Anna said 550k seen this happen a couple of times now, why??
rohannesburg 2 months ago
@rohannesburg Relax dude honest mistake
xxhasudin 2 months ago
But it's better than becoming an indentured servant isn't it? Also, if this was how loans were handled, it would make one think twice about getting a loan in the first place (heavens forbid that!). Of course banks will have none of this as long as they are in control. But it's still food for thought should the day come when they are not. Captain Common Sense signing out.
RockinReminiscence 2 months ago
Regulation of interest rates to prevent usurious charges is really a diversion of a more elegant solution to the problem. Instead, there should be laws imposing a cap on how much a loan may collect in interest fees, say 100% of the principal amount. When max interest has been paid, 100% of any remaining debt payments go to principal. Sure, under this system you'd be practically guaranteed to be charged an interest rate that would ensure the loaner would collect max interest. Continued...
RockinReminiscence 2 months ago
(\_ /)
( ●̪• )
☠ ☠
$ $ $
ChaosButterfly8 2 months ago
@ChaosButterfly8 How you get the Skull & Cross Bones ? Thanks
RustArtRed 2 months ago
In Canada it's criminal to have an APR above 60%...I think its 60%, but the point is Canada rocks!
RectorCR2 2 months ago
There is this loan company in the UK that has an APR of 1734%!! Crazy :/
scientificpeople02 2 months ago
give a man a gun and he will rob a bank, give a man a bank and he will rob the world
ranth44 2 months ago 44
I love how regulating the internet is slippery slope, but regulating pay day loans is perfectly acceptable!
I took out a $300 dollar loan when my dog had a back injury. My next payday I had to pay back $350. Supposedly this amounts to 460% interest. I don't know how that guy would make any kind of money lending out such small amounts for short periods of time.
The point is, that service was there when I most needed it!
VictoryCough 2 months ago
This has been flagged as spam show
@VictoryCough
"I took out a $300 dollar loan when my dog had a back injury. My next payday I had to pay back $350. Supposedly this amounts to 460% interest. I don't know how that guy would make any kind of money lending out such small amounts for short periods of time."
Why do that? A credit card would have been cheaper. It wouldn't cost you $50 if you are responsible.
kmarinas86 2 months ago
Oh you wingers, the market will fix all the problems itself, it always does. BTW where are the Ron Paul trolls now?
sushanalone 2 months ago in playlist December 7, 2011
@sushanalone right here, vote ron paul mother fucker.!
GDI109 2 months ago
@GDI109 you sound butt hurt by reality. here use this ointment where it hurts.
sushanalone 2 months ago
Legalized loan sharking.
porterwake 2 months ago
we'll regulate it, after they rape people for a couple months or years. That seems to be the new game, rape the public until were almost rioting and then fix it after a huge profit is made. "oh, sorry!'
brokenbeekerman 2 months ago 14
@brokenbeekerman Take off those rose-coloured glasses - no one is gonna fix anything.
Bankstercide 2 months ago
happens around military bases all the time
hdmfba 2 months ago
1. Get 500 dollar loan
2. Use 500 to get 1500
3.Use 1500 to get more
4.Repeat until a billionair
5. we 1% now
annoythefish 2 months ago 3
so sad
eugenedaman 2 months ago in playlist December 7, 2011
I think you need to be specific. Big banks are kind of ambiguous. Which big bank? I want to check it out and follow up to see where this is happening.
ki11bi77 2 months ago
we should have let them fail.
random69ism 2 months ago in playlist December 7, 2011
Who was responsible for spell check at today?
spikedardens 2 months ago
OFF WITH THEIR HEADS! >:@
Jex134 2 months ago
RON PAUL 2012!
TheCappodon 2 months ago in playlist December 7, 2011
@TheCappodon Spamming doesn't help him, dick.
pacemaker2point0 2 months ago in playlist Lisää videoita käyttäjältä TYTshows
400%... seriously.. 400%!!!
That's like instant bankruptcy.
theoriginalKland 2 months ago
Run on the banks = GOOD.
That would make sure this will NOT happen again but now it WILL
Clanki 2 months ago
Sounds like something a reich winger supports.
pistolpete1st 2 months ago in playlist Uploaded videos
Im sick of america.
WarThug13 2 months ago in playlist More videos from TYTshows
I think it's time to take things to the EXTREME!
CrisKG125 2 months ago in playlist December 7, 2011
Stop using credit people. It's a racket and a rip off. Spend only what you earn. It' hard and it may suck for you few years but it's worth it in the long run. The short term benefits of credit are not worth the long term loss.
Richardisdorky 2 months ago in playlist December 7, 2011
In Britain a customer borrowing £100 for 28 days without the consent of Santander would repay £200, That is the equivalent annualised percentage rate, or APR, of 819,100%
angel102ify 2 months ago
in the UK some companies have up to 3000% interest... no lie..
yomumisminging 2 months ago
Comment removed
angel102ify 2 months ago
This has been flagged as spam show
@yomumisminging indeed, but whats worse is if your with some banks, and have an unauthorised overdraft you can get hit with the equivalant APR of 819,000%
And thats from the major high street banks....
bbc. co. uk / news / business-16002022
angel102ify 2 months ago
Nobody forces anyone to take out loans. I don't agree with credit, and anyone who does is a sucker. Shallow graves around the globe are full of stupid people who couldn't pay up. Hahahahaha.
baalisgod666 2 months ago in playlist December 7, 2011
1. saying that these loans are 400% annual interest is like saying hotels charge $5,000 dollars a month rent.
2. Unlike buy here pay here cars, the profit margin of these pay day banks is only 9%.
3. The Big banks are required under the CRA to invest in poorer communities to some extent. Payday loans have been approved as meeting this criteria.
interstate317 2 months ago
Legal loan sharks..............
Duder1969 2 months ago
and the rich call people on welfare thieves.
OmieBearMegaHead001 2 months ago in playlist More videos from TYTshows 2
the rates are ridiculous for sure, but they're that high because the type of loans these are are much harder to recoup. For every person that pays 400% interest, there's a couple people that never pay back anything at all. And yes the banks are still profiting at the end of the day
peoplelikingpeople 2 months ago
I gotta admit, the people who use these services are straight up stupid. They should research what they're doing.
I can imagine the occasional payday loan to pay for a funeral or some crap..... but most things are financially foreseeable. Such as seeing your rent due date come around the corner or seeing your car payment coming.
Simple financial educated could save these people thousands.
asdfgoogle 2 months ago
@asdfgoogle
the point you miss is that these obvious unpayable loans are being made using your deposit money. It is you who is lending these 'stupid' people money under those circumstances. Then when they cant pay it back, you have to give your money to the bank again by way of a bailout, so your ATM balance remains the same.
For these reasons, protesting about the 'stupid' borrowers and not protesting blatant misuse of your money by the banks would be 'stupid'.
fantasy0coach 2 months ago
@fantasy0coach I bank with USAA, not any of these thieving large financial institutions. If it wasn't USAA, it would be a credit union.
asdfgoogle 2 months ago
@asdfgoogle
Doesnt matter, you still had $5000 taken out of your hand like every other US citizen and handed to the banks that lost other people's money.
fantasy0coach 2 months ago
@fantasy0coach Assuming you're referring to the bank bailouts, that was out of my control.
asdfgoogle 2 months ago
This just in: Banks have been found to be responsible for AIDS, MERSA, Cancer, Late Term Abortions, Poverty, Famine, Unemployment, Global Warming, Pollution, Fukushima Daichi, Chernobyl, The Challenger Accident, The Mafia, The Illuminati, The 1%, Birth Defects, Heart Disease, Government Corruption, Teen Pregnancy, Extinction, Endangered Species, Murder, Theft, Robbery, Burglary, Assault, Battery, Fraud, Child Abuse, Pedophilia, MJ's Death, Homelessness, and otherwise ALL EVIL IN THIS WORLD!
ShogaNinja 2 months ago
It is ass backward that the harder someone finds it to make repayment, the more they charge them. The progression by banks to become the scum of the earth was not short lived.
fantasy0coach 2 months ago
@fantasy0coach yeah but no serious bank would lend out to high risk customers at a low rate because a good percentage of them never pay back at all. The interest by the payers wouldn't be enough to cover the people who don't pay anything. Not saying it's wrong or right, but that's how it is
peoplelikingpeople 2 months ago
@peoplelikingpeople
No serious bank would lend out their own money to high risk borrowers at all, in the past. But, thanks to government deregulations they know they will sell the loans off to investment funds and hand over the risk, then they will charge the purchaser to service those loans, where the loan going bad means extra services required therefore allowing them to charge even more for the bad loans they sold them. But, someone is going to be left bearing the loss.
fantasy0coach 2 months ago
@peoplelikingpeople
cont... in the case of the USA, it was the taxpayers and their pension funds etc that wore the loss. The banks would never risk their own money like that, but when it's everyone elses money, shit, hell for leather. We'll take it. They know damn well if they lose everyones money, the govt will give it back. They have to, cant have empty ATM's.
Meanwhile the dividends and regular profit distribution keeps a nice slice for the execs and major shareholders.
fantasy0coach 2 months ago
The nature of capitalism - find the best way to make the most money with the least amount of personal risk. That's the whole reason corporations were created, but at least there, the risk is split among many individuals to lessen the total amount of risk individuals take on. In the case of these loans and credit default swaps, etc., the corporations are trying to shift ALL the risk to someone else while they reap all the benefits.
DisturbedHavok 2 months ago
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It's amazing that Michael Shure is so fucking blind to the reality, he still believes that 'saving' the banks was the right thing to do. What a blind person. But I guess it's his ideology - print money and give it out, he can't see long term problems at all, and that's the definition of a 'liberal' or a 'progressive' - somebody who doesn't understand economics, doesn't see long term consequences of anything and wants bigger gov't to solve the problems he creates with his short-sightedness.
romanmir01 2 months ago
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The gov't sets the interest at 0% from the Fed's discount, because only fake money (counterfeit) can have 0% fake interest.
In reality there are no savings, there is no production, so the real interest rates are insanely high, no business and no person can get REAL loans because there are no savings in the private market that are not gov't fake money related. The REAL interest rates are insanely high and gov't pretends that the interest is 0% because it simply prints currency to loan out at 0%
romanmir01 2 months ago
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Payday loans are "horrible" and "horrendous"?
Maybe the banks should stop giving them, see how that works out for the people who WANT THOSE LOANS.
Do you know why these loans are so expensive? Because government set the interest rates at 0% and forced Treasuries to 1-2.5%
That's right! The gov't sets price of money in a way that ONLY gov't can get the credit. Fed gives free money to banks so that they would buy gov't bonds. Nobody else can get any credit, so market credit prices are WAY UP.
romanmir01 2 months ago
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romanmir01 2 months ago
We had this problem in sweden, but we called them "Text-loans", because a person could just text their account nr to the lenders and get something like a few hundred dollars. When alot of kids started getting in to some really bad financial sitiuation we REGULATED it. Now, three years later, its more or less gone. Our goverment works and we can regulate banks.
Liqtor 2 months ago 57
@Liqtor Im sick of all you Nordics(Sweden, Norway, Finland) bragging about your awesome highly educated society and gov.
jrpone 2 months ago
@Liqtor i might move to sweden...real government regulation sounds nice
DjTurismo1 2 months ago
@Liqtor How DARE you regulate the banks!?!?!?!? Don't you know they are too important to put any restrictions on. Oh, and whatever happened to economic freedom. They figure out a way to make a profit, and you guys get jealous!
Its fun to act like a retarded American :D.
DaBamBamMan 2 months ago
@Liqtor Moderaterna finansminister är en av dom bästa vi någonsin haft. han är otroligt.
skarpzor 2 months ago
@skarpzor knäckebröd?
shittyfagg 2 months ago
How did I know the last word was going to be "scams" before I even clicked the link
DisProveMeWrong 2 months ago
Who the fuck would think that taking a 240% interest loan would be a good idea?! I mean I'm relatively poor and I still know how percentages work (and what interest is).
xGapex 2 months ago
i say destroy all the banks and start from scratch!!
adamsworld2k8 2 months ago
HOW ABOUT A LIGHT ON ANA...SHE IS IN DARKNESS GUYS, HELLO ?
hamrite 2 months ago
@hamrite How about you shut up? They're in a new studio. Did you notice the audio is fucked up? It's very quiet.
asdfgoogle 2 months ago
@asdfgoogle I was complaining about the light, not the sound for once. Its getting better
hamrite 2 months ago
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@hamrite "I was complaining about the light, not the sound for once. Its getting better"
It's not the lighting. They're standard studio lights. It's the camera settings. Look how the camera just on Ana looks washed out compared to the other camera. This could be on the camera itself or in the control room or a little of both. I've seen cases where you have to add a little shade for the lens to prevent a knicker light from throwing off the exposure.
SpitfireOFatj 2 months ago
The payday loans are pretty bad, but as far as the credit card debt, I have to say people a lot of times get themselves into a deep hole and it is their own fault. I only say that because of a person I know who has a very expensive car and other luxuries and then complains about how much debt he has. It's obnoxious.
Nonetheless, these payday loans seem directly targeted at the vulnerable and the poor, which in my opinion is reprehensible.
TheLeeMD 2 months ago
those numbers seem surprisingly small, over here in England I've seen one with about 1700% interest?!
TheLordDai 2 months ago
Any bank behind one of these fronts is BREAKING THE LAW. Real banks are susceptible to regulation that these usury scams have been exempt from.
bamboo4tameshigiri 2 months ago
Just saying in 2012 when Geithner reigns Obama better fucking pick Elizabeth Warren to be the Treasury Secretary if he has one bit of sense.
Paulsasleepwalker 2 months ago 14
@Paulsasleepwalker I personally would rather see her as senator of Massachusetts... it's such a blue state that she could easily be in the Senate for decades and eventually become really powerful. And Ted Kennedy deserves to have someone like Warren in his seat, Scott Brown is besmirching it. Let's face it, Warren would just get sidelined as Treasury Secretary anyway... not that she would ever get confirmed, the GOP would definitely put a hold on or filibuster her nomination.
lifefullofwords 2 months ago
@Paulsasleepwalker I would like that, but Elizabeth Warren is running for Congress in Massachusetts
trier4952 2 months ago in playlist December 7, 2011
@Paulsasleepwalker Not gonna happen. They know she wont play ball. Or in their words, "She's not ready for prime time."
DaBamBamMan 2 months ago
@Paulsasleepwalker but what if Warren wins the election? We need her in the Senate
bluesboy25000 2 months ago in playlist More videos from TYTshows
@bluesboy25000 @DaBamBamMan I know, but the most effective way to regulate Wall St. and the banks would be if Warren was the Treasury Secretary. But knowing Obama it'll prolly be another Goldman executive.
Paulsasleepwalker 2 months ago
I used to work at a place that offered payday loans. At a manager's meeting, store managers were pressured by corporate to push payday loans on customers because the loans are so profitable. The reason they're profitable is because it's a never ending cycle and people will keep taking them back out and repaying the origination fee.
HyrbidHermit 2 months ago
Seriously how can 400% interest be legal? I must be wrong. It sounds too high to be real
TheFunkyDomination 2 months ago 2
@TheFunkyDomination It IS real, laws have been passed, Obama appointed a leader to police the organization and republicans are holding up the appointment. The neonazis will not let the man do his job, they are even planning to filibuster over it.
bamboo4tameshigiri 2 months ago
@TheFunkyDomination it is ridiculously high. But these are supposed to be very short term payday lones just to hold you over. So let's say you're expecting a paycheck in 5 days but need some money to hold you over. You borrow $500 at 400% annual interest. That comes to $27 for a 5 day period. So you pay $27 to borrow $500 for roughly a week. It may seem ridiculous but for people scraping by it's better than no option at all. And the % is high because the # that don't pay back
peoplelikingpeople 2 months ago
will they shoot you with an electrified net? :P
Seriously though that shit is fucked up
TheFunkyDomination 2 months ago
Screw us over? I didn't know somebody put a gun to your head and forced you to take these loans..
abexylol 2 months ago
Banks get bailed out we get sold out
MoMember88 2 months ago
This country is a powder keg. This shit cannot go on forever. I picture riots in the street. Also, watch as people start defaulting on this. This country is fucked.
bcforn64 2 months ago
450 000 or 550 000?
na231975 2 months ago
if you want an even smaller loan, like 300 bucks or so, the APR is around 400%
cowpacino 2 months ago
Ways to keep the poor poor.
dankbot420 2 months ago
Loan Sharks.
dankbot420 2 months ago
@dankbot420 wrong loan sharks have much lower interests :D
kenshin9894 2 months ago
usury used to be illegal
TheOkham 2 months ago
You pay MORE interest than the loan itself! My god
whoo689 2 months ago
Google put in an bottom bar UK Ad for a payday loan company on this video. Classy Google.
Cirocco201 2 months ago
@Cirocco201 In the US too. Two payday and one loan on your car place.
neopersia99 2 months ago
DFTBA is the best bank that there is go there for loans and ha bisky upload
kazooga1234 2 months ago
Mafia charges less. And you can just pay them with favors instead.
PaddyCollector 2 months ago
"totaling" is spelled wrong at 1:53 lol
EMdemo 2 months ago
APR is lower than then effect rate anyways.
Converting it to an effective yearly rate, It's closer to 834.76%
Shinius 2 months ago
@Shinius Ain't that criminal :???: I mean, one will pay multiple time more than what he borrow... I don't know in USA, but in Canada, the upper limit on interest rate is 60%, and this might include the processing and deferral fees.
therrydicule 2 months ago
anyone else got a easysameday loan ad at the side of screen lol
killallsuvivors 2 months ago in playlist More videos from TYTshows
lighting on new set sux
sha8808 2 months ago in playlist More videos from TYTshows
And then there is the BACK END, the banks would not stop at simply giving the payday loans, but they will use these loans to create all kinds of delicious credit default swaps and sell them off to pension funds, and fill them with all the worst loans, to make sure that the risk is taken up by anybody but themselves.
dangerouslytalented 2 months ago 26
Credit is for LOOOOSERS! LIVE WITHIN YOUR MEANS, USE YOUR OWN MONEY!
KissFromDaddy 2 months ago
@KissFromDaddy In America, with little by the way of a social safety net, that is not always possible. In a medical emergency, or in the case of a car breakdown (with nothing by the way of public transport to back you up) if you need money fast, you need it.
dangerouslytalented 2 months ago
@KissFromDaddy Easy to say, but there is two details you forget: 1. The total US consumer debt (as May 2011) is $7915.14 per person, when the median income is $53283, there is a systemic problem. 2. there is nothing wrong with debt as such, as long as the principal keep a certain value (no bubble) and the debtor don't end up paying more than the total variable value in real term. If we speak of a business, the boss have to pay the wage at any time without taking more debt.
therrydicule 2 months ago
Financial predation and victimisation have become the norm in the western world, particularly the US.
ITS TIME TO CLEAN THINGS UP..
crocfme 2 months ago 4
Who didn't know this?
cne08 2 months ago
In the UK many of these pay day loans have APR's in the thousands of %.
Wonga dot com which advertises heavily has a 4214% APR. Usury, plain and simple.
LiamE69 2 months ago
Are you talking about your advertisers?
SlacktiveInAction 2 months ago
@SlacktiveInAction lol, it is because of their tags.
KissFromDaddy 2 months ago
@SlacktiveInAction they are you tube's ads not tyt's
ohbuddyiliketowatch 2 months ago
@ohbuddyiliketowatch They do get paid however, as they are partners, I hope you know.
KnodoffFan 2 months ago
@KnodoffFan i get that but that is just the way the world works right now... doesn't make it right but what are u gonna do..... stop trying to educate people???
ohbuddyiliketowatch 2 months ago
Might as well go to the Mafia to get a quick loan.
dangerouslytalented 2 months ago 47
@dangerouslytalented At least they'll take your finger and not your home.
coadynoel 2 months ago
@dangerouslytalented Would be cheaper. They aren't that bold.
RainerWarrior666 2 months ago
@dangerouslytalented tru dat, less interest, more humane people. And if u cant pay up, ur life is gonna be fucked anyway. The mafia probably kill u, but banks mess wit ur whole family
sersarsor 2 months ago
@sersarsor Plus, since they are not securitising the loans, they have an incentive to make sure that the people can pay it off... eventually... Whereas here, there is absolutely NO risk to the lender.
dangerouslytalented 2 months ago
@dangerouslytalented Hey at least the Mafia will only brake your legs. These guys will take every dime you have. Then take 80% of your paycheck until the money is paid back.
Richardisdorky 2 months ago in playlist December 7, 2011