Posted on 09/14/2019 2:10:34 AM PDT by C19fan
HI,
Did not Colorado recently vote to do away with payday lenders yet they allow people make charges as those you mentioned?
The hypocrisy is outrageous.
A customer of mine retired last year. He told me he gets his Social security check the 2nd Wednesday of the month yet his utility bill comes due the 2nd day of the month. He told me the utility company would not change his due date to coincide with his social security check so he is perpetually paying a late charge every month.
I am a nothing and nobody, so it is easy for these politicians, liberal media and self proclaim “Christians” to beat up on me and lie about me. Their ‘payday’ is coming and it will not be one they can afford to pay.
I am turning down over 90% of loan inquires because it is getting harder and harder to find descent people that will pay. Out of the few new loans I have made this year just one is still good, many of them stole from me on the very first loan, had no intention of paying it back when they got it.
I took a chance 2 weeks ago and made a guy a $200 loan who nets about $33k year (not including his spouses income). It came due today and I told him if he pays this first loan on time there would be NO CHARGE. And he did not come in to pay. Would not answer the phone. Another bad debt most likely. I do not make enough money for the garbage I put up with. If anyone is reading my posts, DO NOT ever take a job where you have to come into contact with the general public. I will go and take my high blood pressure pill now.
36 percent is theft still. No more then 10 percent should be adequate for credit cards and loans and 5 percent for home and auto.
Well to be honest, I do have an interest rate on my house at 4,5 percent so not everyone who takes out loans are irresponsible.
They are ignorant about everything. It stuns me to think they make bills on medicines, science, education and a host of other things when most have some garden variety bachelors degree.
Yup
When I graduated high school, I bought my first car for $800, and 2 months later, the manual transmission needed to be rebuilt for $600. Thanks to no credit rating, no credit cards, and even though I'd had my checking and savings account with Chase Manhattan Bank for years with never a bounced check, I couldn't get a loan. With NY's laws against usury (thanks to organized crime to protect their loan shark operations,) payday loans are against the law. So I had to borrow the money from a drug dealer. I had 1 month to pay back $1200. However, had I been able to go to a Payday load store, it would have been far less.
Payday loan operations charge extremely high APR rates for the simple reason that they are both very high risk (with extremely high failure to repay rates) and extremely SHORT TERM loans, not meant to be paid back over long terms. The term of a payday loan is two weeks, so when expanded to an APR, the rate appears extremely high.
Mark
Then go out and do short term loans at 36% APR if you think that is fair.
Ezekiel 18:13 He lends at interest and takes a profit. Will such a man live? He will not! Because he has done all these detestable things, he is to be put to death; his blood will be on his own head.
Nobody is talking about why interest rates on personal loans are bad.
It’s because they loan money to people who are one paycheck away from living on the street, feeding their kids, not being able to buy their $100 scratch-off lottery tickets.
It’s highly regressive. Good Credit, buy a nice $40k SUV at 0% APR. Slip down a level and you’re at 12%, one more level and you’re at 19%.
Why? That’s where the money is lost. They have the heavy hand of the government and race hustlers making sure they give credit access to poor minorities, thus they recoup the projected losses by charges higher interest rates by people in those pools.
Under the law of Moses, one Jew was not to charge another Jew interest on anything. Yet Jews could charge non-Jews interest, Deut 23:20 “Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury:...”
Under the law of Moses, one Jew was not to charge another Jew interest on anything. Yet Jews could charge non-Jews interest, Deut 23:20 “Unto a stranger thou mayest lend upon usury; but unto thy brother thou shalt not lend upon usury:...”
True, but we’re talking about a party who believes most folks shouldn’t have to repay their debts.
That’s for sure. Free everything is the democrats motto.
I don’t think that’s fair at all. Nothing should be over 10 percent as I stated in my post you read incorrectly.
I remember first going to college (in NJ), and being surprised at all the credit card offers for students. I didn’t have one/need one (had a job with few bills), but I couldn’t understand why credit was so available to many people with low income. They’re probably still paying off those balances decades later...
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