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(USA Today)   Payday lenders are responsible for more than a quarter million dollars of Mitt Romney's Super PAC contributions. Hope he read the fine print on those rates   (usatoday.com) divider line 93
    More: Stupid, Mitt Romney, payday loans, Dodd-Frank Wall Street Reform and Consumer Protection Act, independent expenditures, Spartanburg, fine prints, publicly traded company  
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3629 clicks; posted to Main » on 21 Mar 2012 at 10:36 AM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-03-21 08:42:34 AM  
Romney should complete the trifecta of business owners that prey on the poor by taking money from the mob.
 
2012-03-21 08:46:06 AM  

WTF Indeed: Romney should complete the trifecta of business owners that prey on the poor by taking money from the mob.



Hey now, let's not go sullying someone's good name. Loan shark rates are far more reasonable than payday loan outfits.
 
2012-03-21 08:52:59 AM  
Payday lenders can be quite shady indeed. My boss often has to travel for work and had to front a lot of the expenses prior to a change in corporate policy. He took out a payday loaned and payed it back exactly on time.

A few months passed and he got a call from a San Diego number from a guy demanding the amount of the loan put on two prepaid debit cards from WalMart or he would be arrested within a half an hour. The next time the guy called I told him off and he's never heard from him again.

Still, the caller had his social security number, record of employment, etc. My guess is that the payday lender he used sold his credit report. He ended up having to get monitoring from the credit bureaus on his credit cards. He also had to switch his bank account number which almost farked his tax return.
 
2012-03-21 09:29:33 AM  
He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.
 
2012-03-21 09:41:37 AM  
Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?
 
2012-03-21 10:29:02 AM  

Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.


I think they charge something like 135% interest
 
2012-03-21 10:34:05 AM  

ManateeGag: Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.

I think they charge something like 135% interest


They do. But the not really naitive American looking woman tells me that it's better than a payday loan.
 
2012-03-21 10:39:22 AM  
Restore Our Future PAC?

everydaygamers.com
Voiceless Protagonist/Contested Sequel 2012
 
2012-03-21 10:39:34 AM  
Romney's whole fiscal platform is that the super wealthy don't have enough money.
 
2012-03-21 10:39:54 AM  

Go Fast Turn Left: ManateeGag: Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.

I think they charge something like 135% interest

They do. But the not really naitive American looking woman tells me that it's better than a payday loan.


wow (new window)
 
2012-03-21 10:40:04 AM  
I don't think it is a loan.
 
2012-03-21 10:40:36 AM  
abcnews.go.com
I'm not concerned about the very poor. We have a safety net there. If it needs repair, I'll fix it. Payday loans and I will be there to plug the holes.
 
2012-03-21 10:40:36 AM  
www.redstate.com

Birds of a feather....
 
2012-03-21 10:41:55 AM  
Bill Maher gave 4 times that much to dems...who cares. Arseholes have opinions too.
 
2012-03-21 10:42:02 AM  

ManateeGag: Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.

I think they charge something like 135% interest


Compared to the 400%+ interest for typical payday loan, that isn't too bad.

//APR for short term loans will always be look bad, the idea is that your not supposed to hold the loan for a year or anywhere close to that anyways.
 
2012-03-21 10:42:04 AM  
Payday lenders have very high interest rates but do fill a role for a niche market; plus those rates may be high as an APR but pretty trivial for short-term transactions.

If you have no credit card, very bad credit, and suddenly an emergency comes up... you need to get cash somewhere.
 
2012-03-21 10:42:29 AM  
Personally, I think payday and auto title loans should be legal. The exorbitant rates they charge are a symptom of the fact that 95% of their loans are completed within a pay period (one week to one month). Without extremely high rates, they could not make a profit on the loan. However, I would also never work at one, as I feel they take advantage of the poor, desperate, and economically illiterate.

I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?


Especially since candidates are specifically banned by law from having anything control over super PACs.
 
2012-03-21 10:42:48 AM  

I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?


Why isn't it news?
 
2012-03-21 10:43:46 AM  

ArkAngel: Personally, I think payday and auto title loans should be legal. The exorbitant rates they charge are a symptom of the fact that 95% of their loans are completed within a pay period (one week to one month). Without extremely high rates, they could not make a profit on the loan. However, I would also never work at one, as I feel they take advantage of the poor, desperate, and economically illiterate.

I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Especially since candidates are specifically banned by law from having anything control over super PACs.


yeah, God forbid we give people a totally voluntary option to use in an emergency
 
2012-03-21 10:44:22 AM  
I like to say that if I had no ethics I would invest in a Payday loan business or become a minister. Actually a combination of both would have the most bang for the buck.
 
2012-03-21 10:45:02 AM  

Philip Francis Queeg: [www.redstate.com image 560x437]

Birds of a feather....


Every time I look at that photo I dry heave a little bit at the thought of putting paper money in my mouth. I'm no germophobe, but I always wash my hands after handling money.
 
2012-03-21 10:45:21 AM  
Payday lenders are scum, but hey it's them or loan sharks. At least they can't break legs.
 
2012-03-21 10:45:36 AM  

ManateeGag: Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.

I think they charge something like 135% interest




"Your interest rate soar like eagle!"
 
2012-03-21 10:49:09 AM  

AcademGreen: Payday lenders have very high interest rates but do fill a role for a niche market; plus those rates may be high as an APR but pretty trivial for short-term transactions.

If you have no credit card, very bad credit, and suddenly an emergency comes up... you need to get cash somewhere.


pawn shops have restrictions on the amount they can charge for interest, that was the traditional way you'd get money in those situations. Pay day loans should have similar if not harsher restrictions because they don't have to run a retail facility to recoup their bad debt.
 
2012-03-21 10:49:47 AM  

Andrew Wiggin: Go Fast Turn Left: ManateeGag: Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.

I think they charge something like 135% interest

They do. But the not really naitive American looking woman tells me that it's better than a payday loan.

wow (new window)


But compared to Payday loans, that is a deal.
For the reasonable fee of $25 on $100 borrowed is equivalent to a 507% APR, and that's the cheapest rate (new window)

Begging money from your family and friends (at a reasonable interest rate and writing them out the payment checks in advanced post dated) or selling your shiat is a better idea than getting a payday loan.
 
2012-03-21 10:51:15 AM  

Andrew Wiggin: Go Fast Turn Left: ManateeGag: Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.

I think they charge something like 135% interest

They do. But the not really naitive American looking woman tells me that it's better than a payday loan.

wow (new window)


I used payday lenders for the exact reason others said (no credit, emergency, etc)

NO payday lender has rates or conditions like those in that link. That is outrageous! The outfit I used, you borrow 500 pay em back 535 in 2 wks. I have no problem with them, and find em very handy
 
2012-03-21 10:55:25 AM  

AcademGreen: If you have no credit card, very bad credit, and suddenly an emergency comes up... you need to get cash somewhere.


You could justify a lot of things this way.
 
2012-03-21 10:56:51 AM  

I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?


Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.
 
2012-03-21 10:57:39 AM  

Craptastic: Philip Francis Queeg: [www.redstate.com image 560x437]

Birds of a feather....

Every time I look at that photo I dry heave a little bit at the thought of putting paper money in my mouth. I'm no germophobe, but I always wash my hands after handling money.


They had good money launderers in the Caymen Islands for the money used in the photo?
 
2012-03-21 11:01:20 AM  

Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.


I love how that's almost verbatim what's said in their television commercials.
 
2012-03-21 11:04:01 AM  
I use to work for a payday loan place. Most days what I did made me feel like nothing more than a loan shark.

/glad I don't work there anymore.
 
2012-03-21 11:04:57 AM  
That's interesting, but it's really not very much money in the context of a presidential campaign.
 
2012-03-21 11:05:02 AM  

BalugaJoe: I don't think it is a loan.


It is a speculative payment for future services rendered.


Too bad it is a bad bet.
 
2012-03-21 11:05:42 AM  

Abe Vigoda's Ghost: I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.


Cry more.
 
2012-03-21 11:06:51 AM  

FuturePastNow: That's interesting, but it's really not very much money in the context of a this presidential campaign.


FTFY
 
2012-03-21 11:08:52 AM  
I know it sucks when the facts get in the way of a juicy story, but candidates are legally barred from directly interacting with super PACs. Unless subby has some reason to believe otherwise, the Romney campaign was probably never in a position to accept or reject these contributions.

Even so, it is pretty shady. After all, everyone knows that pay day lenders just prey on people who are too stupid to understand their own immediate financial situations (i.e. "the poor"), so those of us who know better need to protect them from themselves. I mean, they should just get a loan at a more favorable rate from their banks or ask their friends or family for a little money to tide them over, like regular people. Am I right, or am I right?
 
2012-03-21 11:10:52 AM  

Wendy's Chili: Abe Vigoda's Ghost: I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.

Cry more.


F*ck off and die.

Can I be a liberal now?
 
2012-03-21 11:12:42 AM  

Rostin: I know it sucks when the facts get in the way of a juicy story, but candidates are legally barred from directly interacting with super PACs. Unless subby has some reason to believe otherwise, the Romney campaign was probably never in a position to accept or reject these contributions.


You should watch a bunch of episodes of the Colbert Report.
 
2012-03-21 11:13:23 AM  

Abe Vigoda's Ghost: Wendy's Chili: Abe Vigoda's Ghost: I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.

Cry more.

F*ck off and die.

Can I be a liberal now?


Not if you keep repeating the Republican position on health care reform.
 
2012-03-21 11:13:31 AM  

Rostin: so those of us who know better need to protect them from themselves


kinda, the poor move their money through the economy at a high velocity so every dollar you take out of their pocket in the form of worse than loan shark interest rates to give to the rich is another dollar that is no longer moving through the economy at a high rate it is parked offshore somewhere.
 
2012-03-21 11:13:32 AM  

I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?


Not to mention happy fellation from you.
 
2012-03-21 11:16:44 AM  
Isn't romney already getting cash from Vegas casino owners? He's already getting money from the mob, too, then.
 
2012-03-21 11:17:55 AM  
Payday Lenders = Legalized Loan Sharks

i.imgur.com

/still marginally better that illegal loan sharks
//but just barely
 
2012-03-21 11:18:16 AM  

jst3p: Abe Vigoda's Ghost: Wendy's Chili: Abe Vigoda's Ghost: I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.

Cry more.

F*ck off and die.

Can I be a liberal now?

Not if you keep repeating the Republican position on health care reform.



I don't think I've ever got into a health care reform debate on Fark.
 
2012-03-21 11:20:34 AM  

Go Fast Turn Left: He should call Western Sky Financial. They're marginally less bad than a payday loan, and you feel good about helping Indians.


Payday loans operate under state law and are subject to the defenses built into that process. Western Sky operates under tribal law which basically states that all your balls are belong to us.

Western Sky at least admits that they are straight up usurers. Amscot portrays themselves as advance paycheck systems that just take a fee for their service, although you can find their 48.5% APR rate in the fine print.
 
2012-03-21 11:20:46 AM  

Abe Vigoda's Ghost: jst3p: Abe Vigoda's Ghost: Wendy's Chili: Abe Vigoda's Ghost: I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.

Cry more.

F*ck off and die.

Can I be a liberal now?

Not if you keep repeating the Republican position on health care reform.


I don't think I've ever got into a health care reform debate on Fark.


I bolded the joke for you and everything. Haven't had your coffee yet?
 
2012-03-21 11:20:52 AM  

Rostin: I know it sucks when the facts get in the way of a juicy story, but candidates are legally barred from directly interacting with super PACs. Unless subby has some reason to believe otherwise, the Romney campaign was probably never in a position to accept or reject these contributions.


And that was done specifically by design. That way if the KKK decides to give $10 million to Newt, "well gee golly guys, that went to my SuperPAC, I couldn't not take it."
 
2012-03-21 11:21:37 AM  
Congress passed a law in 2007 that limited interest rates for payday loans, auto title loans and tax refund anticpation loans to the military to 36%. The payday loan industry stopped making loans to the military because "They couldn't make money at 36%". Unfortunately the law didn't include online loans.
 
2012-03-21 11:22:55 AM  

jst3p: Abe Vigoda's Ghost: jst3p: Abe Vigoda's Ghost: Wendy's Chili: Abe Vigoda's Ghost: I Havent Killed Anybody Since 1984: Romney has received somewhere around $35 million in contributions for his super PAC. Why is $250K, 0.7% of total contributions, news?

Pssst, this is Fark. Conservatives are the evil.

Obama's campaign funds come from unicorns and sweet fuzzy bunnies.

Cry more.

F*ck off and die.

Can I be a liberal now?

Not if you keep repeating the Republican position on health care reform.


I don't think I've ever got into a health care reform debate on Fark.

I bolded the joke for you and everything. Haven't had your coffee yet?



*Hangs head in shame*. Now I see it.
 
2012-03-21 11:23:24 AM  
Aside from not being news, I think this is a headline of the year canidate.
www.rogueseven.com
 
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