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For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
For people with bad credit, no collateral, needing money in an emergency, they serve a purpose.
You left out people with gambling issues. There are LOTS of them using these services.
You left out people with gambling issues. There are LOTS of them using these services.
You left out people with gambling issues. There are LOTS of them using these services.
That is a reflection on bank policies and an inability to access short term loans or even low credit lines.
They are being picked over by vultures.
Banks don't make loans to people who are massive credit risks. And anyone with good credit can get short term loans and credit lines.
Years ago a bank manager had the authority to make loans on the spot. That has changed. Now the info is input, goes thru a process, the program used by the bank, rates as a poor risk, loan /line of credit denied.
Just the facts.
My opinion -Pay day loans prey upon the poor- but where else can they turn - banks- forget it.
http://dealbook.nytimes.com/2015/02...agency-seeks-limits-on-payday-lenders/?ref=us
In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 percent.
Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.
These people pay back, the numbers show a high rate of return- why else would these vultures survive. The banks will have nothing to do with them.Bank managers still have lending authority on the spot is that's the bank's business model, which it is for most community banks and credit unions. That doesn't have anything to do with payday lending though. Banks can't and won't make high risk loans anymore.
Link please.
Long ago issue here...
Regardless of whether they prey on the poor, addicted, gambing addicted, sex addicted or stupid, money begs regulation. Evidence has shown usury rates of 200% and collection techniques that would peel paint.
It is not only a problem for the poor and addicted, but employers who employ them as they are now getting 15 to 35% less than what you pay them. People worried and hungry are not good workers.
The economic cases alone proves the need.
Should Washington, prone to shut down for political purposes and maneuvered by lobbyists be the ones to regulate? I am not sure
These people pay back, the numbers show a high rate of return- why else would these vultures survive. The banks will have nothing to do with them.
I know a number of bank managers as friends - I am not speaking from the cuff.
There is no real money in these people and they have no where to turn except the vultures.
Gambling and Payday Loans
BBC Sport - Gambling footballers take out payday loans - Sporting Chance
I also did the books for a payday loan chain for a while.
Also, if you're really a glutton for punishment, try some of the links in this search - https://search.yahoo.com/yhs/search;_ylt=AwrTccAeNdlUi7IAsnMnnIlQ?p=is+there+a+link+between+gambling+and+payday+loans&ei=UTF-8&hsimp=yhs-001&hspart=mozilla&b=11&pstart=5
Fair warning, most of them are to sites soliciting payday loans specifically to gamblers.
You left out people with gambling issues. There are LOTS of them using these services.
Fair- Percentages of the usage would be good- these companies targeting gamblers are still in business- must work- not all that use PD Loans are gamblers-
That is a reflection on bank policies and an inability to access short term loans or even low credit lines.
They are being picked over by vultures.
I never said that the all were. All I said is that gamblers tend to make up a significant percentage of the clientele.
So it's now the payday loan places to blame for a gambler's inability to control themselves? Seriously? :roll:
Not an excuse hit them with 300% interest rates.
At one time banks issued short-term, low-cost loans to people who little or no collateral. Today they do not. The risk was simply too high. The people who use these loan places have no other options. If you want to eliminate them altogether, what do you suggest the poor do?
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