Should American Politician place greater restriction on payday loans that unjustly target it's working poor?
At first I believed that it should be outlawed until I saw the documentary on it and realized that many of the working poor depend on it. but the interest rate is outrageous and leave them in a vicious cycle of not being able to pay them off.
10 Answers to "Should American Politician place greater restriction on payday loans that unjustly target it's working poor?"
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Oh You got them out there too? We've had a mass of them spring up over hear charging interest rates of over a THOUSAND percent interest.
What I do find suspect is this comes after our banks were given big wedges of money by the government to loan to individuals. The idea being that the extra spending power of the individual would stimulate economic growth.
Bearing in mind all of the governments money comes from taxes on the individuals in the first place. Effectively I am having money taken off me to give to banks to allow me to borrow it and spend it. And this is supposed to be good for the economy?Like (2)
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In Virginia, they have clamped down on them. These places, legal loan sharks really, targeted the poor and young military personnel (lots of military in Virginia). The message got out when a few of these business ignored laws of the Commonwealth, and the owners had their businesses seized by the Commonwealth and they were thrown in jail.
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The entire banking system is corrupt and there's little politicians can do without starting at the top and working their way down. The same banks that collapsed the entire world economy by committing fraud are still being allowed to commit the same fraud today. Not a single banker has gone to jail. Instead they get a slap on wrist, are forced to sign papers promising they'll never do it again, and then get caught again anyway defrauding people to the tune of hundreds of millions at a pop.
When Occupy Wall Street protested first the mass media insisted they didn't have a clear message, then they insisted they didn't have a clear agenda, and finally the billionaire mayor of NYC had 26 reporters arrested in one day. At no point did the public seriously object and if you expect politicians to care when their constituents don't you've got a lot to learn. Americans have forgotten the meaning of United We Stand, Divided We Fall and are more interested in sound bites and their tax returns. Like (1)
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There's a controversy over these outfits in the UK too and I'd like to see them gone. We have the far better alternative of local 'credit unions' originally set up by some local councils to defeat loan-sharks. They're run along co-operative lines - but they won't quite do the job if somebody without a little built-up credit needs emergency money fast.
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No, everyone has the same opportunity to read the terms they are agreeing to when the get any type of loan. If someone agrees to them but when it comes time for payback decides they don't like them, that's too bad. If they don't read the terms, then that's their own fault too.
No one forces anyone to take out any type of loan, it's voluntary. People need to start being responsible for their own choices again. It's gone out of style and needs to come backLike (1)
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I have a friend who Owns one of those places, and reaps an average of 23% from his investment (just a big line of credit). It's hugely profitable, it's legal, and no one makes you walk in the door. Is it worth it to not have your elect. shut off, or your car repossessed?
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Don't be silly , their whole economy works on that principle.
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well if the banks were not such evil greedy black hearted fukkers.. small loans with low intrest would help a lot of ppl out.. untill then these shylarks will thrive
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not talking about mortgage loans... SMALL loans with low intrest.. not forcing ppl to go get small loans with SKYHIGH intrest
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Absolutely. I have a friend who manages one of those places. We have had several discussions about it and he still thinks he is doing the community a service. It's warped.
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Best Answer (Chosen by Voting):
Posted by BamPow Sep 13th, 2012 at 2:29PM
If those places aren't predatory lenders, there is no such thing as a predatory lender. About the only thing that separates them from a mob operation is that their collections methods don't include grievous bodily harm.
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