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at first i thought these would be good ideas, until i looked at the fine print, and noted that for a $5,000 loan you would have payments totaling over $80,000 over the life of the loan. these places need to be shut down across the country. talk about predatory lending.
I've been against them from day one. It sounds no better than legalized loan sharking. They prey on people at their most desperate. Sadly, I watched something on Dateline or 20/20 about these places, and they interviewed a lot of poor people who were grateful these places were available to them. This one lady said if it wasn't for the payday loan people she would have been kicked out of her apartment and been living on the street. The question I have is how long before she actually was unable to pay her rent due to the loan?
I've been against them from day one. It sounds no better than legalized loan sharking. They prey on people at their most desperate. Sadly, I watched something on Dateline or 20/20 about these places, and they interviewed a lot of poor people who were grateful these places were available to them. This one lady said if it wasn't for the payday loan people she would have been kicked out of her apartment and been living on the street. The question I have is how long before she actually was unable to pay her rent due to the loan?
her loan probably went from $500 to cover that month's rent to owing these sleazy companies $5000.
no one who needs money should be grateful these places exist. Find another way!!
They are a perfect example of why the government often needs to be much stronger than it is. Because from the Pay Day Loaner's points-of-view, they are doing nothing wrong, it is perfectly legal.
They are the worst of the worse but other financial institutions of all kinds get away with similar, unseemly behavior because it is legal (or even when it is not).
When they teach Business Ethics in universities, I think it is not legitimate curriculum, it is public relations BS created by big business.
Dont get me wrong these places are loan sharks but i have used them to my advantage when i was alot poorer.
Let me explain
I had a few occasions where i was short in my bank account and going to one of these places and paying thier rates was less than the $35 per overdraft the bank was going to charge me. I used them to float to cover bank for a few days till i got paid.
actually, only half the sates in the US offer initiative and/or veto referendum rights. If you take about 15 minutes to watch the video, you'll see what happens when they get shut down. They find ways to circumvent the laws using loopholes and pop right back up, like whack a mole.
What's that old adage? Build a mouse trap and the mice get bigger.....
actually, only half the sates in the US offer initiative and/or veto referendum rights. If you take about 15 minutes to watch the video, you'll see what happens when they get shut down. They find ways to circumvent the laws using loopholes and pop right back up, like whack a mole.
Texas is one of those states that was singled out in the link. Texas does not allow referendums.
On the other hand, should states attempt to protect the people from themselves, especially when there's a lot of money to be made off it? As I understand it, Pay Day loan business spikes with the holidays and in January, when the bills roll in.This leads me to believe that the need for such loans may often be a result of discretionary spending on unnecessary things to " feel better".
How might retail income during the critical holiday shopping period be impacted if states prohibited Pay Day loans?
Texas is one of those states that was singled out in the link. Texas does not allow referendums.
On the other hand, should states attempt to protect the people from themselves, especially when there's a lot of money to be made off it? As I understand it, Pay Day loan business spikes with the holidays and in January, when the bills roll in.This leads me to believe that the need for such loans may often be a result of discretionary spending on unnecessary things to " feel better".
How might retail income during the critical holiday shopping period be impacted if states prohibited Pay Day loans?
imagine people actually living within their means? shocking
I know that some people truly fall on hard times, and it's not only about being able to buy Johnny the latest cool video console. But seriously - find another way!
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