PayDay Loan

[Ladynred]

Or alternatively, people could simply stop using them and they'll go away.

A simple solution but I don't see that happening unless the states completely outlaw them. Even then, there are off-shore payday lenders people can access thru the internet.

The people who use these places the most are those that are already at or over the edge and barely make it from one paycheck to the next - if at all. That faction isn't going to go away any time soon - if ever. A major radio station here in town plays ads for one of these rotten PDL places and it drives me nuts every time I hear it - like they're doing you a FAVOR - at 400% interest (or more) ! There's been legislation here to ban them.. but it hasn't gotten close to passing yet.

 

[TigerD]

A simple solution but I don't see that happening unless the states completely outlaw them. Even then, there are off-shore payday lenders people can access thru the internet.

The people who use these places the most are those that are already at or over the edge and barely make it from one paycheck to the next - if at all. That faction isn't going to go away any time soon - if ever. A major radio station here in town plays ads for one of these rotten PDL places and it drives me nuts every time I hear it - like they're doing you a FAVOR - at 400% interest (or more) ! There's been legislation here to ban them.. but it hasn't gotten close to passing yet.

I don't think that as a soceity we should simply ban things that we think are good for people. Personal responsibility has to come into the equation.

Rather than work to ban payday loan places, why not work to ban smoking? Smoking affects 90 percent of the poor, creates financial hardships and ultimately medical problems that contribute to their remaining poor.

Perhaps we could also ban unpopular speech and out of style clothes. And since life ultimately leads to death -- which is very definitely not good for you -- we might want to consider banning life.

MY point is that if you want to combat an industry you disapprove of or anything you disapprove of, you need to do it with education and awareness -- not legislation.

DC

 

[Kane]

MY point is that if you want to combat an industry you disapprove of or anything you disapprove of, you need to do it with education and awareness -- not legislation.

DC

Cocaine, heroin, LSD?

Crack?

 

[CarrieT]

MY point is that if you want to combat an industry you disapprove of or anything you disapprove of, you need to do it with education and awareness -- not legislation.

DC

I completely agree with you DC... education and awareness is the key. HOWEVER - viable alternatives are also needed. Because, as LNR said, most of the people who use these places are already living paycheck to paycheck or are living on future earnings. So education to teach people how to better manage finances is a long term plan. But for those who are 'stuck' in dire straits right now, there needs to be an alternative option.
Ive read posts where you will adamantly say 'pay your bills, borrow from grandma, uncle, sister' etc. But if someone cant borrow from them? Then they will turn to... the payday loan places sometimes. Sure they should have paid their bills to begin with, however once they didnt and they now cant, nor can they feed the kids or.. whathaveyou, because theres a judgement and the creditors wiped out the checking account - what then?
Follow my drift?
I figure eventually the government will cotton to this idea - as they did with the lottery - and they will take it over and while charging less interest than the loan sharks, they will still charge it and make money on it and call it a 'government subsidized low interest loan program' lol
Carrie

 

[jmiles]

Payday Loans

Payday loans and other forms of signature loans are all the rage, especially for people that are desperate for money. These are unregulated money lenders and believe me when I say, they will make the whole deal sound so good, that with the mixture of your need and the smooth sounding deal that will fix that need it gets real bad sometimes. I heard tell of a young man who was instructed to make his check out to CASH and mail it in. Please stay away from these types of money providers.