Have you ever availed yourself of a Pay Day Loan?

[Bretrick]

In my mind, these loan sharks are despicable. Preying on the vulnerable with excessive fees.
Car breaks down. A $1500 loan over 6 months attracts fees of, $300 Establishment fee.(20% of the loan amount) + $360 monthly fees(4% of the original loan, monthly)
$1500 becomes $2160 at $360/month.
Low income/welfare recipients would need to pay $180 out of their welfare check each fortnight

 

[HoneyNut]

I vaguely remember voting in Nebraska a few years ago on an issue to limit the loan rate of loan sharks. The people in favor said it would help poor people to limit the rates, and the people against said loan sharks would not stay in the business at low rates and so poor people would be hurt by not being able to get loans. The ballot initiative passed, but since it was only limiting the rate to 36% I doubt it helped any poor people.

 

[Packerjohn]

Never! Not a snowball's chance in a very HOT place. Guess I was lucky and maybe pretty smart!

Shame on our government to allow such crooks to operate and call themselves businesses. They are sucking the poor!

 

[Gary O']

Car breaks down

Best to suck it up and take the bus
Been there

 

[mrstime]

I worked in one for a week! I couldn't bring myself to cheat poor people that way. BTW no I never made use of that service(?) preferred a bank even when we were poor.

 

[Naturally]

No ... not from a loan shark
I remember long ago having to borrow $100 from a coworker to get me to payday.
He didn't charge me juice.

 

[oldaunt]

Never been that dumb.....

 

[jujube]

They used to have "auto title loans" places here until they made them illegal.

People would put their car titles up for security on a ridiculously high-rate loan and way too many lost their cars.

 

[jimintoronto]

They used to have "auto title loans" places here until they made them illegal.

People would put their car titles up for security on a ridiculously high-rate loan and way too many lost their cars.

If you go to just about any US military base outside of the main gate you will find "car title loan companies " . Which State are you talking about, that has "Made them illegal " ?? JimB.

 

[CallMeKate]

If you go to just about any US military base outside of the main gate you will find "car title loan companies " . Which State are you talking about, that has "Made them illegal " ?? JimB.

My state for one... it's under the racketeering laws and prohibited. Have to assume there are surely more.

 

[oldaunt]

My state for one... it's under the racketeering laws and prohibited. Have to assume there are surely more.

Mine as well....stopped that mess years ago.

 

[Alligatorob]

Have you ever availed yourself of a Pay Day Loan?

No, I have been lucky, and maybe privileged enough to never need one.

I only rarely borrow money, when I was younger for mortgages and once for a car. I prefer buying an old junker of a car to borrowing money, so that only happened once. Never owed money on a credit card, those rates can be pretty high. Not borrowing takes a combination of luck and discipline, but for most people it can be done.

 

[Alligatorob]

I vaguely remember voting in Nebraska a few years ago on an issue to limit the loan rate of loan sharks. The people in favor said it would help poor people to limit the rates, and the people against said loan sharks would not stay in the business at low rates and so poor people would be hurt by not being able to get loans.

Unfortunately some truth to that. It's hard to fairly regulate things like this. I am just sorry that folks ever need these loans...

 

[perplexed]

I talked a friend out of going to one once. It is despicable what they are allowed to charge. I don't see many around here like I once did though.

 

[Macfan]

No but I can see how desperation could cause some to consider it. Don...

 

[oldaunt]

I talked a friend out of going to one once. It is despicable what they are allowed to charge. I don't see many around here like I once did though.

I haven't seen one around here in years.

 

[Myrtle]

I don't think people take these loans because they want to. I think desperation is the trigger.

My state has this weak (imo) law. You can only apply for a cash advance of $500 maximum. The minimum loan term is six months or 180 days.