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  #1  
Old 04-17-2008, 02:50 PM
pintnight pintnight is offline
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Consumer alert: Payday loans


LOOK AT THE APR!!!!

Quote:
FORT WORTH — With more people strapped for cash than ever these days, payday loans have become big business.

It's reached the point that Fort Worth is now home to more payday lenders than banks and credit unions.

Payday lenders are cashing in as North Texans who are down on their luck try to stay ahead of bills. If you're in a pinch and you need a few hundred bucks in cash, you can get it — immediately.

But if you can't repay that short-term loan, you're looking at a debt trap. Interest is calculated at rates reaching nearly 400 percent annual percentage rate.

At Cash America, the fees are all listed up front: $18 for every $100 loaned. On a typical $300 loan, you're looking at fee of $54.

But falling behind will cost you, a slippery slope that critics say isn't worth the gamble.

Cash America spokeswoman Yolanda Walker disagrees, saying payday loans fill a need for those in dire straits.

"Where are they going to go if they run into an emergency situation where they need cash quickly, and they don't necessarily have good credit?" Walker asked. "You can't go to your bank; they're not going to give it to you. You can't go to your credit union; they're not going to give it to you."

Even so, one woman who fell behind said what started as a $300 loan for her ballooned to $8,000 as she went from payday lender to payday lender trying to get caught up..

Last year, Congress acted to cap the loans given to members of the U.S. military at 36 percent APR.

Texas is one of the few states with no regulations concerning payday lenders. In states that have established rules to limit interest rates, there has been a decrease in the number of such establishments.
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  #2  
Old 04-17-2008, 02:57 PM
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If you're Italian, and you do this in your neighborhood, you go to jail.

If you're a bank, it's all legal, it's ok!
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  #3  
Old 04-17-2008, 03:03 PM
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they give a bit of a break at $700.

how do i get into that.
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Old 04-17-2008, 05:17 PM
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this is news now?

about a year ago, NPR had an article about an Iraq vet who owed 5K on a 700 loan the min. payments were less than 1/2 the interest charge.

Another lady had around 21k....

Crooks, all of em.
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  #5  
Old 04-17-2008, 05:25 PM
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I never understood payday loans or anyone who would use them.
Dumbing down of America I suppose...
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  #6  
Old 04-17-2008, 05:28 PM
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Quote:
Originally Posted by mullman View Post
I never understood payday loans or anyone who would use them.
Dumbing down of America I suppose...
it's for people who live pay-check-by-check and for whatever came up they missed a pay check or expenses came up.

the scary thing is that 40% of americans do

http://briankim.net/blog/2007/09/why...k-to-paycheck/

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  #7  
Old 04-17-2008, 05:42 PM
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Quote:
Originally Posted by HW View Post
the scary thing is that 40% of americans do

http://briankim.net/blog/2007/09/why...k-to-paycheck/

That is absolutely shocking.

Common sense is anything but common these days I suppose.
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Last edited by mullman; 04-17-2008 at 05:45 PM.
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  #8  
Old 04-17-2008, 05:47 PM
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Quote:
Originally Posted by HW View Post
it's for people who live pay-check-by-check and for whatever came up they missed a pay check or expenses came up.

the scary thing is that 40% of americans do

http://briankim.net/blog/2007/09/why...k-to-paycheck/

IF I was living pay check to pay check and couldn't pay bills or whatever. I would never get a payday loan. The interest will just balloon the payment and I'll never be able to catch up.
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  #9  
Old 04-17-2008, 05:54 PM
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This thread just got mmmerted.
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Hey, hey, if it weren't for MMMM_ERT Off Topic would totally suck.
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  #10  
Old 04-17-2008, 05:59 PM
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Quote:
Originally Posted by pintnight View Post
IF I was living pay check to pay check and couldn't pay bills or whatever. I would never get a payday loan. The interest will just balloon the payment and I'll never be able to catch up.
the point thought is that if you're living pay check to pay check to meet your steady state living expenses, a transient of any kind like medical bill, car repairs, housing repair or whatever would throw everything out of whack. some people may be living it large or some may be just scraping by eating mac'n'cheese or ramen.
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  #11  
Old 04-17-2008, 06:17 PM
pintnight pintnight is offline
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Quote:
Originally Posted by HW View Post
the point thought is that if you're living pay check to pay check to meet your steady state living expenses, a transient of any kind like medical bill, car repairs, housing repair or whatever would throw everything out of whack. some people may be living it large or some may be just scraping by eating mac'n'cheese or ramen.
If I ended up with a very large unpayable medical bill or whatever, I'll just say "Sorry, I can't pay the bill."

But, I agree with the part that there are people living well outside their income. They are trying to keep up with the Jonese or trying to impress people they expensive cars they drive or whatever.
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"When you were born, you cried and the world rejoiced. Live your life so that when you die, the world cries and you rejoice."

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  #12  
Old 04-17-2008, 06:56 PM
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keep in mind thought that the median household income in the US is $45K ($33.5 male over 25 and $19.7K female over 25). not exactly a lot to live on. so perhaps maybe not as many of those living it large examples as we'd expect.
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  #13  
Old 04-17-2008, 08:18 PM
DJ_INHALE DJ_INHALE is offline
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Quote:
Originally Posted by Chris90 View Post
If you're Italian, and you do this in your neighborhood, you go to jail.

If you're a bank, it's all legal, it's ok!

hahah.

these places are all over the mexican areas in phx
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  #14  
Old 04-17-2008, 08:20 PM
GBimmer GBimmer is offline
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hahah.

these places are all over the mexican areas in phx
Do they give out mortgages also?
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  #15  
Old 04-17-2008, 09:44 PM
e46Christian e46Christian is offline
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Quote:
Originally Posted by pintnight View Post
IF I was living pay check to pay check and couldn't pay bills or whatever. I would never get a payday loan. The interest will just balloon the payment and I'll never be able to catch up.
You're also smarter than their avg. audience by at least 50 IQ points. I don't think you're whom they're after.
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  #16  
Old 04-17-2008, 09:54 PM
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It's easy to criticize, but if you found yourself in their shoes, with a family to feed and nobody to turn to....
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  #17  
Old 04-18-2008, 12:18 AM
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It's easy to criticize, but if you found yourself in their shoes, with a family to feed and nobody to turn to....
I'd rob the joint before I took a loan from them.




I kid I kid.

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  #18  
Old 04-18-2008, 12:57 AM
Bmwcat Bmwcat is offline
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Some states (not Cali.) allow pawn shop type loans on your car. A bunch of people in Florida lost their cars who couldnt make the payments.
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Old 04-18-2008, 12:28 PM
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It's easy to criticize, but if you found yourself in their shoes, with a family to feed and nobody to turn to....
Then you take a second, third job.

And believe me, I know what I am talking about, and I never used those loans.

They knew what they were getting into, just like all those "I didn't know" mortgage defaulters.
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  #20  
Old 04-18-2008, 12:30 PM
Stuka Stuka is offline
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Quote:
Originally Posted by HW View Post
keep in mind thought that the median household income in the US is $45K ($33.5 male over 25 and $19.7K female over 25). not exactly a lot to live on. so perhaps maybe not as many of those living it large examples as we'd expect.
I see people making that amount living like they make the 6 figures, and I see the better off folks living like they are millionaires.

It's no one's fault but their own.
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  #21  
Old 04-18-2008, 12:41 PM
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Then you take a second, third job.

And believe me, I know what I am talking about, and I never used those loans.

They knew what they were getting into, just like all those "I didn't know" mortgage defaulters.
there are a large proportion of people that are seriously bad with money and stupid in general. if that wasn't the case, then the wealth spread between the rich and poor wouldn't be as great as it is right now.
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Old 04-18-2008, 12:43 PM
dboy11 dboy11 is offline
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I can see both sides of this pretty clear...to someone that is on a pay check to check budget its not the best choice, but might be the difference in eating and not...some are working two and three jobs and still not cutting it...why? education and skill set might be holding them in the lower income bracket...Sometimes you can't cut enough in your life to still make it..in-part that's why we have some homeless people!

Its easy to sit back and say those place rip you off and they do, but for some its a way of life they can't seem to break out of...If I needed two hundred bucks to pay for food, rent or whatever and had the means in the short order to pay it back including the ridiculous interest I would in a heart beat.
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  #23  
Old 01-25-2013, 12:56 AM
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When you are down and went under, working a couple Part time jobs in between looking for the third one. But always doesn't seem to make enough? Then what choice do you have? LIke they said, bank won't give it to you, credit union won't give it to you. Say your baby BMW broke down and wife said no money to repair since food is more important than you damn car. What do you do? You work you a$$ off. In this age, more and more people have trouble looking for a decent full time job.
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Old 01-25-2013, 07:45 AM
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Originally Posted by dtkw View Post
When you are down and went under, working a couple Part time jobs in between looking for the third one. But always doesn't seem to make enough? Then what choice do you have? LIke they said, bank won't give it to you, credit union won't give it to you. Say your baby BMW broke down and wife said no money to repair since food is more important than you damn car. What do you do? You work you a$$ off. In this age, more and more people have trouble looking for a decent full time job.
Since you brought this old thread back from the dead, are we to assume that you've either (a) recently used a payday loan service, or (b) started a payday loan service?

If you really want some fun, read the Western Sky terms of use. While the interest rate is only 135%, you're bound to settle any disputes in Cheyenne River Sioux Tribal Court. You might as well just deal with your local loan shark.
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Old 01-25-2013, 07:53 AM
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