Posted on 06/17/2016 7:48:07 AM PDT by reaganaut1
More a noose than a lifeline.
So....I’m just spitballing here but I’m guessing George Leef got an extra envelope in his paycheck to write something about how it’s okay to f@ck some poor sap out of 500% interest so he can bail out a $100 payment due.
Go eff yourself George.
Leftism: eliminating poverty by making it illegal.
I’m guessing the banks are behind it, so they can make more friendly $5,000 bank loans and really trap the poor.
Beats going to “Vito”. At least your legs will be intact if you don’t pay.
You are misrepresenting “Payday Loans”.
Interest rates are 300%-499%. The payout can double in a few weeks.
The proprietors then try to convert them to “title Loans” where the pledged autos can then be repossessed and resold.
These types of loan traps the ignorant and leaves them despondent and broke.
Loan sharks can be a lifeline for the poor too. Hell, if loan sharks had the legal means to automatically deduct 500% interest from your paycheck and other income sources, they wouldn’t need to break legs and knock heads.
Vito is positively gentle and compassionate compared to what the courts will do to enforce a judgment.
Big banks have invested in payday lenders, got to keep their profits up.
Usury is immoral
I’ve never seen someone speaking in favor of payday loans and their several thousand percent interest rates before.
I knew a poor woman who took out a 50 dollar short term loan from them. Within a year she was in debt to them for 400 dollars on that 50 dollar loan.
Another went to a check cashing and loan company in another state as she was short of cash. She needed 100 dollars, but balked when they demanded a check for 145 dollars before they would give her the 100 dollars.
Are they freaking serious? These loans come with interest rates that would make even Ebeneezer Scrooge blush.
They’re not even legal in NY.
It’s too bad banks don’t make small quick loans with reasonable terms.
Yet JESUS tells of a man who went into a far country and left management of his businesses to three servants.
When he got back, two of the servants had doubled the money. The third did not and the owner says the servant should have took the money to the changers so he would have gotten an INCREASE with usury.
Mafia loan sharks may offer better terms. And they don’t use police to enforce collection.
A better option than a payday loan is to go to a finance company, where you can get an actual loan, but with less interest and a reasonable monthly payment.
The interest rate is commensurate with the risk. The borrowers are in a bad spot because of their own bad choices.
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