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(Marketwatch)   Apparently, if you're charging a usury rate of 650%, you'll get the interest of New York prosecutors   ( blogs.marketwatch.com) divider line
    More: Obvious, payday lender, New York County District Attorney  
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1307 clicks; posted to Business » on 13 Aug 2014 at 12:37 PM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



16 Comments     (+0 »)
 
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ZAZ [TotalFark]
2014-08-13 11:48:48 AM  
The law of my state says usurious loans are not illegal if the Attorney General was notified in advance. MGL 271-49. Approval is not required. Only notification is required. The Attorney General used to file notifications without examining them.
 
2014-08-13 11:53:54 AM  

ZAZ: The law of my state says usurious loans are not illegal if the Attorney General was notified in advance. MGL 271-49. Approval is not required. Only notification is required. The Attorney General used to file notifications without examining them.


"Come to Massachusetts, where it's OK to be a loan shark just as long as you tell the AG you're a loan shark."
 
2014-08-13 12:42:50 PM  
We used to have federal laws capping rates at 25%.  That worked well for a long time.  But this way is more profitable.
 
2014-08-13 01:26:28 PM  

Marcus Aurelius: We used to have federal laws capping rates at 25%.  That worked well for a long time.  But this way is more profitable.


Plus, it keeps the poor people poor.   HOORAY CAPITALISM!
 
2014-08-13 01:29:17 PM  
I watched the episode of Last Week Tonight and damn I thought the shiat about payday lenders I saw here on fark was bad its even worse. Pretty much boils down to dont EVER get one!
 
2014-08-13 01:30:32 PM  
Rick Perry in Texas avoided these nasty practices* by appointing a payday loan executive as head of the Texas Finance Commission.

* Nasty practices being limiting interest on payday loans

link
 
2014-08-13 03:56:14 PM  

Marcus Aurelius: We used to have federal laws capping rates at 25%.  That worked well for a long time.  But this way is more profitable.


But if you get rid of payday loan places, doesn't every payday loan place just become a pawn shop? I mean people with poor credit are still going to need money, and it is still going to be risky to loan it to them.
 
2014-08-13 04:00:23 PM  

mechgreg: But if you get rid of payday loan places, doesn't every payday loan place just become a pawn shop?


I'm pretty sure that if you're taking out payday loans, you probably don't have a damn thing to pawn to begin with.

So there should not be an issue.
 
2014-08-13 04:04:41 PM  

Marcus Aurelius: mechgreg: But if you get rid of payday loan places, doesn't every payday loan place just become a pawn shop?

I'm pretty sure that if you're taking out payday loans, you probably don't have a damn thing to pawn to begin with.

So there should not be an issue.


Well then the dude who needs/wants cash is going to go see Paulie or Vito to get the money they need. Is that really any better. Not saying I love payday loans but getting rid of them doesn't really solve the actual problem.
 
2014-08-13 04:25:24 PM  
i.chzbgr.comView Full Size
 
2014-08-13 06:07:19 PM  
I wonder how much the rate is on those Nations run companies' loans?
 
2014-08-13 07:40:12 PM  

mechgreg: Marcus Aurelius: mechgreg: But if you get rid of payday loan places, doesn't every payday loan place just become a pawn shop?

I'm pretty sure that if you're taking out payday loans, you probably don't have a damn thing to pawn to begin with.

So there should not be an issue.

Well then the dude who needs/wants cash is going to go see Paulie or Vito to get the money they need. Is that really any better. Not saying I love payday loans but getting rid of them doesn't really solve the actual problem.


You are exactly correct but the problem is legal payday loan places that can advertise their services end up lending more than Vinnie the nose, just because of legitimacy. Western Sky that advertises on late night tv with a pretty Indian spokesmodel is going to be a lot more accessible than illegal loan sharks I would think.

Regulations are necessary because the people who borrow from these places are too stupid to know any better.
 
2014-08-13 10:34:39 PM  
I think you'd be better off going to a mobster.  If you can't make a payment they'll just break your legs.
 
2014-08-14 08:09:36 AM  

Debeo Summa Credo: You are exactly correct but the problem is legal payday loan places that can advertise their services end up lending more than Vinnie the nose, just because of legitimacy. Western Sky that advertises on late night tv with a pretty Indian spokesmodel is going to be a lot more accessible than illegal loan sharks I would think.

Regulations are necessary because the people who borrow from these places are too stupid to know any better.


I totally get what you are saying, but it seems like spending a ton of money and effort regulating the hell out of these guys solve the problem that there are people who are really bad with money that sometimes need or want to borrow money to buy shiat. Not sure how, but if there was a better way to educate those people, I would think money spent would go alot father than money spent trying to regulate and oversee payday loan place.
 
2014-08-14 10:53:46 AM  

groppet: I watched the episode of Last Week Tonight and damn I thought the shiat about payday lenders I saw here on fark was bad its even worse. Pretty much boils down to dont EVER get one!


Many years ago, I was stuck in the payday lending cycle for about 6 months because of a medical emergency. Most of my paycheck would go to pay off the loan, and then I would need another one to survive until the next paycheck...

/Not even remotely a CSB
//Finally broke the cycle when I got a raise at work
///Like groppet said... NEVER GO TO A PAYDAY LENDER.
////NEVER. EVER. EVER.
 
2014-08-14 10:57:12 PM  

JeffKochosky: groppet: I watched the episode of Last Week Tonight and damn I thought the shiat about payday lenders I saw here on fark was bad its even worse. Pretty much boils down to dont EVER get one!

Many years ago, I was stuck in the payday lending cycle for about 6 months because of a medical emergency. Most of my paycheck would go to pay off the loan, and then I would need another one to survive until the next paycheck...

/Not even remotely a CSB
//Finally broke the cycle when I got a raise at work
///Like groppet said... NEVER GO TO A PAYDAY LENDER.
////NEVER. EVER. EVER.


My credit union has options for those who need a short-term loan, IIRC.

/ they ( & other CUs) should do a better job advertising that
 
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