Payday loans

[Sunseeker]

Once again I can't make people make good decisions. If they cant think to get a credit card before they 'need' cash now that is their fault.

If we want to live in a free society we allow people to fuck up and make bad decisions.

No, the problem is you don't get it. First off: a person with bad credit who can't qualify for a credit card typically has bad credit and can't qualify for a credit card for a LONG TIME. More inquiries (without approval) make your credit worse not better, so the more times a poor person tries to apply for a card, the harder it becomes. After a while, people stop trying since they realize they're only digging their hole deeper.

It's not a lack of foresight or a lack of planning or any of the other typical garbage people like you (that's people who talk out their ass about situations they know nothing about) like to use to blame the poor for the situation they're in. Are there bad decisions? I'm sure there are. I know I'd be better off financially if I had made some better decisions in the past, but "getting a credit card ahead of time" is not one of them.

But anyway like I said this thread serves no real purpose other than to give people like you a platform to victim-shame the poor.

[Gamdwelf]

No, the problem is you don't get it. First off: a person with bad credit who can't qualify for a credit card typically has bad credit and can't qualify for a credit card for a LONG TIME. More inquiries (without approval) make your credit worse not better, so the more times a poor person tries to apply for a card, the harder it becomes. After a while, people stop trying since they realize they're only digging their hole deeper.

It's not a lack of foresight or a lack of planning or any of the other typical garbage people like you (that's people who talk out their ass about situations they know nothing about) like to use to blame the poor for the situation they're in. Are there bad decisions? I'm sure there are. I know I'd be better off financially if I had made some better decisions in the past, but "getting a credit card ahead of time" is not one of them.

But anyway like I said this thread serves no real purpose other than to give people like you a platform to victim-shame the poor.

Being a victim of your own stupidity isn't really the same as being a victim.

[ghotihook]

At 18 you can get a credit card with on your own easily with zero credit history with a limit of at least $500. And your credit limit does not go down. There is zero excuse to not have a credit card for emergencies. If you're not responsible to use it only for that there is no hope. Nobody can fix stupid.

My first credit card at 18 had a limit of $1200. Which should more than cover for almost everything people are using payday loans for.

[wheresmywoft]

You could move somewhere else or get a different job. You always have a choice. (according to you)

Sounds like his assessment of his own skills is that he'd only be able to work at McDonalds if he left.

[Hammerfest]

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

Mostly the stupid. Some poor.

[ezgeze]

Their is a demand for drugs, does that mean you should legalese drugs without any sort of strict regulation?

So you are willing to deny those who use pay day loan customers an option to get emergency cash because a minority of customers cant pay? Wow, talk about kicking a person in the teeth when they are down. You might as well kick them out of their apartment, repo their car and take the food out of their mouth. Shame on you.

[Unkempt]

Really bad logic about defaults when they force people into defaults with the high fees, also just because they don't make that much money overall doesn't mean their fees don't screw over that single customer.

And whats the difference between freaking loan sharks and these guys? breaking the legs part?

Really poor defense dude, people are looking at this from the consumer point of view and your entire defense looks at the POV of a loan shark.

I understand the consumer point of view, I get that, but I also want to understand the entire picture, which includes the business model standpoint as well. The reason there are high fees is because the business model requires it otherwise these places wouldn't exist, and there is a need for these places that make loans to places banks and credit card companies won't, so what's the solution?

I would rather be in a world where these places existed than people being forced into the black market. It's a thin line to tread because you're dealing with a high risk/low profit industry. I know people would feel like there is justice in these places going out of business...but is the alternative better or worse?

I don't think there is a right answer, because it's a complex issue.

[Sunseeker]

Being a victim of your own stupidity isn't really the same as being a victim.

Thank you for demonstrating exactly what I mean. You're not here to discuss. You're not here to find a resolution. You're here to shit on the poor.

[Gamdwelf]

Thank you for demonstrating exactly what I mean. You're not here to discuss. You're not here to find a resolution. You're here to shit on the poor.

I already found a resolution, credit card is a much better alternative to these types of loans

[lockedout]

I already found a resolution, credit card is a much better alternative to these types of loans

People usually take payday loans as a last resort, you know when they get denied for a CC or maxed it out and defaulted.

[gusty jack]

Well poor people are sometimes poor for a reason.

Probably because they sometimes have to do stuff like pay exorbitant amount of interest in order to borrow a small amount of money to buy groceries.

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I already found a resolution, credit card is a much better alternative to these types of loans

If you're getting a payday loan you probably don't have a credit card, or you've already maxed it.

[Sunseeker]

I already found a resolution, credit card is a much better alternative to these types of loans

Your resolution is "You're an idiot and were stupid in the past." It is not a resolution to problems now. Jesus you're arrogant.

[Gamdwelf]

Probably because they sometimes have to do stuff like pay exorbitant amount of interest in order to borrow a small amount of money to buy groceries.

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If you're getting a payday loan you probably don't have a credit card, or you've already maxed it.

Bad decisions on top of bad decisions.

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Your resolution is "You're an idiot and were stupid in the past." It is not a resolution to problems now. Jesus you're arrogant.

But the point is they don't have to be stupid going forward.

[IIamaKing]

Legal loan sharking. Thank the lobbies. This shit SHOULD be outlawed.

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Interest rates tend to be higher the lower your credit is, you can assume that no credit check means high interest loans. Add in the fact a lot of there loans get written off then you have to factor those who do pay have to cover the loses. Now are these cost reasonable given those facts?

So, they give loans to people they know might not be able to afford it and YOUR defense is that need to have high interest to hedge against those high risk loans defaulting.......

[Gamdwelf]

Legal loan sharking. Thank the lobbies. This shit SHOULD be outlawed.

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So, they give loans to people they know might not be able to afford it and YOUR defense is that need to have high interest to hedge against those high risk loans defaulting.......

Hey just like every bank before the housing collapse. Should we shut down all banks too?

[IIamaKing]

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

You can totally keep the lights on with advice.

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Being a victim of your own stupidity isn't really the same as being a victim.

Because stupidity is the ONLY reason people fall on hard times.

[the game]

You can totally keep the lights on with advice.

I mean if they weren't too busy paying off the payday loans they would probably be able to afford their electric bill. Most towns also have programs for situations like this. There are missions and churches and even state programs that help people with utilities and rent when they're in trouble.

[IIamaKing]

Hey just like every bank before the housing collapse. Should we shut down all banks too?

WE shoulda let a shit load of them fail for their bad practices, yes.

[Gamdwelf]

You can totally keep the lights on with advice.

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Because stupidity is the ONLY reason people fall on hard times.

You can keep the lights on with advice. And stupidity is the main reason.

[IIamaKing]

You can keep the lights on with advice. And stupidity is the main reason.

Please tell me, what form of advice does the electric company take then? Because thats 200 bucks a month I could save.