Thread: Payday loans

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  1. #281
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    Often used by petty criminals who need a bit of money to make a lot, no sane normal person would go to these though.

  2. #282
    Quote Originally Posted by smrund View Post
    Oh right here we go, the poor aren't just poor and stupid, they're poor and stupid because they refuse to get educated! Education that let me guess, costs money they don't have, that they can get with loans they can't be approved for that they should have thought ahead and gotten credit cards for.

    Why are you responding to me?
    Got a friend, makes bad financial decisions all the time. Was thinking about getting a car because his was dying and we told him to not get a new car because he was working at a mattress place.

    Of course he buys a new car so he owes like $500 each month and he lost his job at the mattress place. I can't make people make good decisions like buying a reasonable used car.

    Same guy who refused to get a credit card because he thought it was a bad idea.
    Last edited by Gamdwelf; 2016-09-20 at 01:25 AM.
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  3. #283
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    Quote Originally Posted by araine View Post
    Very thin difference between these "legal" services and mafia loans. it is basically the mafia running the show when it comes to these so called services. that it is legal doesnt change the fact that it is basically organized crime we are watching.
    I don't especially disagree with you. Very often, sharks can provide better rates.

  4. #284
    Quote Originally Posted by Spectral View Post
    This seems like an improbable claim. Which sectors, exactly, are based on exploiting the weak? I guess if you really hate capitalism and see everything through an oppressor-oppressed axis, it could be damned near everything, but it's a ridiculous starting point.
    How so? Improbable?
    http://www.cnbc.com/2015/07/29/eight...e-in-debt.html
    Maybe not all 80% (yes, that's what 8 in 10 means) are in serious debt. All it takes is a little bit of sickness, then the hospitals can take everything you own

    Ofcourse, that too is a ridiculous starting point and I'm a fucking commie. I know. Caring for people is a sin.
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  5. #285
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    Quote Originally Posted by Phlegethon View Post
    How so? Improbable?
    http://www.cnbc.com/2015/07/29/eight...e-in-debt.html
    Maybe not all 80% (yes, that's what 8 in 10 means) are in serious debt. All it takes is a little bit of sickness, then the hospitals can take everything you own

    Ofcourse, that too is a ridiculous starting point and I'm a fucking commie. I know. Caring for people is a sin.
    This is including mortgages. I mean it's still a lot, but having a mortgage is an investment. It's not pure debt. My house is worth 250K but I owe 100K. So technically it's a debt, but I look at is as my investment is at +150K.


    To me this is more scary: http://www.huffingtonpost.com/moneyt...b_8136770.html
    1/3 of households who make 100K a year live paycheck to paycheck
    Last edited by ghotihook; 2016-09-22 at 01:51 PM.

  6. #286
    There's nothing wrong with payday loans. They exist for people that can't qualify for anything else. While they may be utter shit, they still have practical uses

  7. #287
    Quote Originally Posted by satimy View Post
    There's nothing wrong with payday loans. They exist for people that can't qualify for anything else. While they may be utter shit, they still have practical uses
    The problem is the result tends to be that they get hooked into a payday loan cycle, which costs them huge amounts of money, just because they needed their pay 3 days earlier at one point.
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  8. #288
    Quote Originally Posted by NineSpine View Post
    The problem is the result tends to be that they get hooked into a payday loan cycle, which costs them huge amounts of money, just because they needed their pay 3 days earlier at one point.
    Well weigh that versus the cobsequence of not having the money. I would assume they need the money for something rather serious if you're getting a payday loan

  9. #289
    Quote Originally Posted by satimy View Post
    Well weigh that versus the cobsequence of not having the money. I would assume they need the money for something rather serious if you're getting a payday loan
    That doesn't mean the same service cannot be provided without being predatory and based on hooking people.
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  10. #290
    Quote Originally Posted by NineSpine View Post
    That doesn't mean the same service cannot be provided without being predatory and based on hooking people.
    Businesses exist to make money, charities exist to serve people

  11. #291
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    Quote Originally Posted by Aeilon View Post
    Depending on where you live education is so expensive it's criminal, the US being a good example. Without going over the top, an education for the same degree can cost as much from 5 to 10 times what it costs in Belgium and that degree gets you less in said respected field.
    Financial education is often free. You can walk into most local banks or credit unions and ask for help. Hell, you can sometimes go to their websites and find information, like this: https://www.regions.com/Insights/Personal or https://www.usaa.com/inet/ent_logon/Logon (click on "Advice")

    It's part of the community reinvestment act.

    - - - Updated - - -

    Quote Originally Posted by Flarelaine View Post
    In fact, most people refuse it.
    I haven't yet had a poor customer refuse the offer to sit down with a personal banker to get some help with their finances. The ones that usually refuse it at least present as upper middle class.

    - - - Updated - - -

    Quote Originally Posted by smrund View Post
    So we need to tell people where to find it. Okay...there's still a matter of "people who know" needing to tell people who don't where to find it. In this context, we can still use "educating people" as a catch-all term for informing the uninformed. You can regress it ad infinitum from "we need to give them an education" to "we need to tell them where to find the information" to "we need to tell them who can tell them where to find the information" etc.... but the end result is still the same: the uneducated need to be educated on financial matters.
    When people think of education, they think of schools. Most people don't realize they can walk into a bank branch and get financial education that will help them with their finances. It's just not something that's heavily advertised.
    Last edited by TirielWoW; 2016-09-23 at 01:40 AM.
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  12. #292
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    Quote Originally Posted by HeatherRae View Post
    When people think of education, they think of schools. Most people don't realize they can walk into a bank branch and get financial education that will help them with their finances. It's just not something that's heavily advertised.
    Bank branches will help you with your finances to the degree that it is beneficial for them to do so. They will in the same turn push products on you that you may not be able to afford or not even need because it makes money for them.

    Banks are neither your friends nor your allies in financial stability. Banks are companies. Their goals are to make money. To the degree those goals align with your desire to become financially solvent they will help you, beyond that, always remember: banks put banks first, not you.
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  13. #293
    A fool and his money....

  14. #294
    Quote Originally Posted by The Batman View Post
    Yeah it'd be nice if payday loans weren't conveniently located in poor areas to prey on the uneducated and poor. Then they'd have to go to other places that wouldn't scam them so hard.

    You seem to dramatically underestimate just how predatory payday loan places are, and the effort and lengths they go to to draw people in. And it's mostly through a lot of deception.
    In Sweden you dont even have to leave the house to get these loans, you do it all over the phone via text and you have the money on your bank account within 15 minutes, there are so many people going down that spiral it's crazy, they take one of these loans and when they can't pay it off they take a bigger loan to pay the first one off.

  15. #295
    I really don't understand people who take these loans. Taking loans like this proves that they have plenty of cash to spare, they just haven't planned ahead and put away a bit of money each month.
    Never take loans unless its for a house or something like that, never do partial payments with a fee/interest attached to it, and never take those "buy now, pay later" deals. That will save you a huuuge amount of money in the long run. Also make sure to put away a little bit of cash each month (since you clearly would have been able to if you can afford these expensive interest rates).

    Quote Originally Posted by ovm33 View Post
    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.
    But if you could afford the interest, then you should have been able to afford to put away some money each month and plan ahead. Heck, you could even invest the a little money each month and hopefully make it grow and then sell stock if you need money for an emergency.

    - - - Updated - - -

    Quote Originally Posted by Caelia View Post
    In Sweden you dont even have to leave the house to get these loans, you do it all over the phone via text and you have the money on your bank account within 15 minutes, there are so many people going down that spiral it's crazy, they take one of these loans and when they can't pay it off they take a bigger loan to pay the first one off.
    Gotta love "Lyxfällan". Watching that show makes me feel so safe with my economy.

  16. #296
    Quote Originally Posted by ghotihook View Post
    This is including mortgages. I mean it's still a lot, but having a mortgage is an investment. It's not pure debt. My house is worth 250K but I owe 100K. So technically it's a debt, but I look at is as my investment is at +150K.


    To me this is more scary: http://www.huffingtonpost.com/moneyt...b_8136770.html
    1/3 of households who make 100K a year live paycheck to paycheck
    Even scarier should be the fact that with 1 mishap, they are bankrupt.
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  17. #297
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    Quote Originally Posted by smrund View Post
    Bank branches will help you with your finances to the degree that it is beneficial for them to do so. They will in the same turn push products on you that you may not be able to afford or not even need because it makes money for them.

    Banks are neither your friends nor your allies in financial stability. Banks are companies. Their goals are to make money. To the degree those goals align with your desire to become financially solvent they will help you, beyond that, always remember: banks put banks first, not you.
    Banks are for-profit institutions, and of course you should keep that in mind. But they also operate under some very strict regulations, including the Community Reinvestment Act. That's why they offer the education - they literally have to.
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  18. #298
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    Quote Originally Posted by Tennisace View Post
    It seems ridiculous that it's even legal.
    New York State has some pretty zealous anti-predatory-loan laws. They bitchslapped Montel Williams and Money Mutual so hard, they can't loan in NYS anymore.

  19. #299
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    Quote Originally Posted by HeatherRae View Post
    Banks are for-profit institutions, and of course you should keep that in mind. But they also operate under some very strict regulations, including the Community Reinvestment Act. That's why they offer the education - they literally have to.
    I don't see how people see offering options for loans is a good way to support the new generation. People should be able to afford education regardless of loans.

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