Payday Loan Companies

posted 3 years ago in Money
Post # 3
Member
9412 posts
Buzzing Beekeeper

It’s a terrible cycle to get into. I don’t know from personal experience (I’d never live outside my means and get pay day loans to cover it) but I can see the problems from a mile away.

Post # 5
Member
9412 posts
Buzzing Beekeeper

@AB Bride:  I don’t care what anyone else does. From a business perspective, I’d love to run one and make money off of folks who can’t manage their finances. I’d certainly never encourage anyone I actually care about to use one.

There are plenty of things that go on in the world that I’d never do but I don’t really care what others choose to do. So long as it doesn’t impact me or my family, carry on 😛

Post # 8
Member
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

@AB Bride:  Interesting article. What I don’t like about pay day loan companies is that it just feels unethical to me.  They’re exploiting a certain population of people, many of whom just don’t know any better.  That to me is the problem with them.  I actually always wondered how they even made money because I assumed (like the article says) that most of those loans are never paid back.

Post # 9
Member
2696 posts
Sugar bee
  • Wedding: May 2014

@AB Bride:  I think payday loan companies, title pawn companies, and check cashing companies are the biggest scams in America.

Post # 11
Member
9412 posts
Buzzing Beekeeper

@MrsWBS:  I’d guess when it goes to collections and the money is just taken from people. I personally don’t think “not knowing” is a very legitimate excuse. No one knows anything until they take the time to learn.

Post # 13
Member
11668 posts
Sugar Beekeeper
  • Wedding: November 1999

@MrsPanda99:  I agree for the most part that “not knowing” isn’t a legitimate excuse.  But, look where these companies are located – at least where I live, they are in very poor, low income neighborhoods with a largely uneducated population in desperate situations.  Whatever way you slice it, in my opinion it’s still taking advantage of them.

 

Post # 14
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

In the USA there are a lot of immigrants who either aren’t eligible for CCs, bank account, etc (no governement ID, may be here illegally, etc). There are people who don’t make enough to qualify for a CC or LOC, and those people with too poor of credit to qualify. If you’re using payday loan companies, you’re usually pretty hard up already.

Post # 15
Member
11300 posts
Sugar Beekeeper
  • Wedding: August 2013

I get what the article is saying, but those companies are predators. They prey on people who are poor and desperate and take advantage of that. They’re often very shady, as well. One of my best friends got into a bad situation and got a payday loan. She paid it back ASAP and in full, but they ended up stealing her bank account info and draining all of her money. She was literally broke for weeks while the bank was figuring it out. Some of them charge rates of 90% and up (Western Sky is the one off the top of my head), and that’s on the low end. Cash Advance starts at 782%, Check ‘n’ Go’s Michigan rates are 414% and up, and Advance America can go as low as 332% IF you get their maximum loan amount.

@MrsWBS:  +1

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