Payday loans

[Deleted]

Poor people are disgusting.

[Gamdwelf]

They get payday loans usually to bridge the gap...

Of which a credit card is a better decision or planning for events better so you don't need to bridge any gaps.

[Tennis]

They get payday loans usually to bridge the gap...

Why not find a more reasonable way to bridge this alleged gap.

[tratra]

They are aimed for people that don't have enough savings and live on a salary to salary basis given that their salary runs off before the month ends or close to the end of the month.

When I was younger, I had a job in London, it was paying alright for the age, around £2700 a month. I bought myself a house back then and was paying a £1500 mortgage having £1200 to live off, -car, phone, bills etc... £700. Well London has always been expensive so I'd say at the end of the month if I had £200-300 left would be glad.

So that £200-300 I'd put in the bank I'd take during summer to go BERSERK over summer holidays (bonus included sometimes usually I'd travel a lot through out the year).
After my summer holidays ended I returned home with very little to no money and like 15 days till next payment. I was alright to live off the £200 I had left, I only needed food not even travel etc.
Thing is a very close relative died just then... and the funeral was taking place in another Country (very expensive tickets due to Summer prices and being in the Mediterranean).
My credit card was charged with my hotels etc, so I had to take a payday loan to go. It was well worth it. After that I paid it and didn't use it again.

So I do believe the can provide a service to people like myself back then that are going to do it once for an emergency.
They can provide an addiction to people that don't have enough money to pay them off and just keep on taking those loans out.


Also cause the OP is american and says "what kind of people do that?" ... Well to me what kind of people pay $200k just to get a paper from a college or a uni and then find a shitty job and be in debt forever? (My argument is that because you are not one of them don't imply that people that use them are stupid or something, because I can find 1 million ways to prove the same about you and anyone really, its just pure capitalism, a system made to have servants).

[Darsithis]

What kind of individual would make a living doing such a thing?

I don't make money doing the loans but part of the software I've developed does payday loans. I'm very, very familiar with how they work.

They prey on people who have little recourse but to go with it, and they're designed to lock them into a cycle of interest payments over principal.

[Rend Blackhand]

People could just like, you know, read the terms and conditions. If you don't want to pay the insane interest rates then don't take the loan.

[Aggrophobic]

What kind of individual would make a living doing such a thing?

Who? Every bank, ever?

[Themius]

Of which a credit card is a better decision or planning for events better so you don't need to bridge any gaps.

Oh fucking hell you guys don't seem to get it. If they are in t a situation like this they are already subprime, they usually have limited or no creidt.

[May90]

The most desperate folks, who need to pay bills right now and can't get any money from anywhere, sometimes have to resort to going for these. Pretty sad. I agree, such crazy rates, perhaps, should be outlawed.

Poor people are disgusting.

You seem to be very compassionate...

[unbound]

What kind of individual would make a living doing such a thing?

Pretty much the same individuals that run large corporations. Corporate CEOs that get tens of millions a year with tens of millions more each year in free stock while fighting to keep raises as small as possible for their workforce have the same lack of basic morality as the pay day loan leaders.

The primary difference is that the corporations have PR departments that make commercials and statements that make you think they are good people...which works as long as you don't think about what is going on.

[the game]

Oh fucking hell you guys don't seem to get it. If they are in t a situation like this they are already subprime, they usually have limited or no creidt.

Maybe instead of making more bad choices by getting a pay day loan they should get financial advice from their banks.

[Themius]

Maybe instead of making more bad choices by getting a pay day loan they should get financial advice from their banks.

Their bank isn't going to give them a loan in order to stop the lights from being shut off.

[the game]

Their bank isn't going to give them a loan in order to stop the lights from being shut off.

I mean the terms of a pay day loan are pretty clear on the contract. With fees and interest explained. If they know they can't afford it and still sign the paper then that's their own fault.

[Gamdwelf]

Their bank isn't going to give them a loan in order to stop the lights from being shut off.

It really comes down you can't make people made good decisions and if they continue to, they will continue to be poor.

[stabetha]

I mean the terms of a pay day loan are pretty clear on the contract. With fees and interest explained. If they know they can't afford it and still sign the paper then that's their own fault.

poor people are all dumb and need "progressives" to hold their hand and take all personal responsibility away from them.

[Orlong]

Taking advantage of the people who need the money most. The poor.

Nobody forces people to take loans from these companies. If you dont like the terms, then dont take out the loan. They arent scamming anyone, they just have unfavorable interest rates that are disclosed up front. Either take the loan or dont, but you have no reason to bitch about them and call them scammers

- - - Updated - - -

Scumbags.

These payday loan places should be outlawed.

Why? Nobody is forced to patronize them. If people want to get ripped off, they should have that choice

[ovm33]

Back ten years ago when I was destitute I used them. Was like $20 per $100 borrowed. Used them a couple of times when my truck broke down and had no other options.

They do rely on those who can least afford to be getting loans. But the terms were clear. 20% interest for a two week loan. You have to be 18 yo plus to get these loans. No one is forcing anyone. Don't want to pay the 20% interest? Don't get the loan. Adults need less hand holding not more. So I say leave the government out of it.

Just my two cents.

[Tennis]

Back ten years ago when I was destitute I used them. Was like $20 per $100 borrowed. Used them a couple of times when my truck broke down and had no other options.

They do rely on those who can least afford to be getting loans. But the terms were clear. 20% interest for a two week loan. You have to be 18 yo plus to get these loans. No one is forcing anyone. Don't want to pay the 20% interest? Don't get the loan. Adults need less hand holding not more. So I say leave the government out of it.

Just my two cents.

How could you not have any other options? You didn't have any family or friends you could borrow from?

[Zan15]

there are thousands of people whom have gone to jail for doing this same thing. they used to be called the mob.

Joey on the corner who charged you 90% and break your knees should have just registered with the govt and could have charged 600%

[Spunt]

All pay day loans are scams and prey on desperate people.