Posted on 10/31/2011 1:17:48 PM PDT by jazusamo
Yeah, let's do take this one step at at time: Personal responsibility should prevent anyone from ever falling prey to the "payday loan" come ons. Defending these bastards on the grounds of "capitalism" or anything else is the sort sophistry that causes all the other insanity you like to write about.
Swimming with loansharks is for professionals only.
So, you’d prefer the old days?
You know, where the “loansharks” were really loansharks and not a hyperbolic application of the term,
and they would actually come break your knees for non-payment instead of sending you to collections?
Late fees on, say, apartment rent or a car loan could easily exceed $45. Taking a payday loan might well be a rational decision given an individual’s financial situation.
Those evil payday loaners (/sarc). Those people should just go to their neighborhood bank and borrow the $300 at 3% interest, right? Hahahahahaha When banks are turning down secured home loans by people who have jobs? Who are they kidding.
The payday lending business is sleazy. No denying that. It is an opportunistic business which preys on those who can least afford it. Just like bail bondsmen, rent-to-own, pawn shops, package liquor stores and state lotteries.
What these clowns don’t understand is that there are occasional life experiences which makes having $300 today instead of two weeks from now a matter of life or death. People should be free make their own bad choices.
As was previously stated: swimming with loansharks is for professionals. Any "civilization" of the practice mere gives them more of an edge and the cloak of legitimacy.
Geezus I can't believe how ever-loving gullible people are.
I urge you to save your synaptic energy for some legitimate argument.
“The difference between a Humanist and a Satanist - the latter knows whom he’s working for.”
Now, THAT I like.
I believe Dr. Sowell just told it like it is and is not defending anyone but pointing out how the leftist media distorts the issue.
Franklin D. Roosevelt’s son extorted a $200,000 loan from a grocery chain that was under federal investigation — and he never repaid the loan. Moreover, FDR spoke directly to the head of the chain to seal the deal.
Interesting
Fair enough!
I agree. Responsible people will not use these people unless they absolutely have to but unfortunately that day may come they have to.
Actually these guys are worse, at least regular loan sharks apply some of the vig to the principal. These payday loan guys will keep charging you the roll over fee forever, not one cent ever reduces the loan. It’s a sad industry that’s less honest than mobsters.
That is interesting, never heard that before. Back in those days $200,000 was a heck of a lot of money.
I hate to imagine that the statist nannies (whom you seem to agree with) will get their way and protect me from "the predators". Let me make my own damn decisions.
“Personal responsibility should prevent anyone from ever falling prey to the “payday loan” come ons.” You could make that argument about lots of businesses. Who forces people to take out payday loans? I haven’t seen someone going to get one with a gun to their back. Same with pawn shops.
“Defending these bastards on the grounds of “capitalism” or anything else is the sort sophistry that causes all the other insanity you like to write about.” - Really? How would you defend your right to prevent this industry? Smarter than them? Preventer (new word :)) of commerce? what?
“Swimming with loansharks is for professionals only.” - what does this mean? A person making a pay day loan is not as smart as you?
I urge you to save your synaptic energy for some legitimate argument.
You might want to expend some yourself and try to point out the illegitimacy of the argument.
You imply “dishonesty”, ie, deception, in not applying any of the roll over fee to the principal.
This deception would have to be blatant in the lending documents, as in stating “some portion of the fee will be applied to principal”. I’d bet you anything it says exactly the opposite, or else there’d be a lot of lawsuits going on.
Are the lenders being “dishonest” when the customers refuse to read the agreement?
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