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Posts: 154

In response to "Payday loans are like gambling. -- nm" by Beryllium

in what way? -- nm

Posted by Reagen (aka Reagen) Feb 16 '09, 16:04

(No message)

Responses:

Well, it's not a tight similarity, just a loose one - in that people come to depend on them as a crutch, for various reasons. - Beryllium Feb 16, 16:05 30
- therefore crutches are like gambling? -- nm - Reagen Feb 16, 16:07 2
  - Have you ever seen someone on crutches cross an icy parking lot? When they fall down, I feel like I've won a million bucks. -- nm - Max Feb 16, 16:10
  - "Extra-debatey" - Subversive - daddy x 2 Feb 16, 16:09
- There's a big difference there really. - Name Withheld By Request Feb 16, 16:07 24
  - That's the thing though, those places prey on poorer people who can't afford to pay those kinds of fees so they keep getting the loans. - Trish Feb 16, 16:14 [Backboard]
  - I was broke once and looked into getting a payday loan. It was ridiculous. $20 on every $100 borrowed, due to be repaid withing 2 weeks. - Subversive - daddy x 2 Feb 16, 16:10 22
    - They also take a lot more riskier business arrangements than you would ever get in a bank situation. - Name Withheld By Request Feb 16, 16:14 21
      - You aren't honestly trying to say that they're in business to "help" people, are you? - Trish Feb 16, 16:17 14
        
        No, but they do provide a service that wouldn't be there otherwise. You remove them from many neighbourhoods. - Name Withheld By Request Feb 16, 16:19 13
        
        Well, first you have to cap the interest they charge. - the liioulu with hershey's Feb 16, 16:24 11
        
        I know there's a cap in Canada, something like 66% per annum or something, but I'm not good enough at math to know if 20% every two weeks exceeds it. - Subversive - in Trish's head Feb 16, 16:27 2
        
        They get around that some ways by make the interest "fees" instead of "interest". That said, there's outstanding court cases about it. -- nm - Name Withheld By Request Feb 16, 16:32
        
        There isn't in parts of the US. - the liioulu with hershey's Feb 16, 16:32
        
        Regarding interest capping, I have no problem with that. Many jurisdictions are already in the process of doing that. Just the banning of them. -- nm - Name Withheld By Request Feb 16, 16:27 7
        
        Considering how they operate they should be. There are ways to get legitimate banks in those areas. -- nm - the liioulu with hershey's Feb 16, 16:33 6
        
        Care to share a few of those ways? Because cities everywhere are facing the problem and they're not finding it too easy to do. -- nm - Name Withheld By Request Feb 16, 16:34 5
        
        I'd have toresearch that And I don't have the time. But leaving people to the monetary wolves is not the answer. - the liioulu with hershey's Feb 16, 16:42 4
        
        But you are advocating for no service in the meantime until better service can be figured out. Does that make more sense than the current status quo? - Name Withheld By Request Feb 16, 16:46 3
        
        Look you're operating using the rule as they are in Canada. As I've stated the rules are different here. - the liioulu with hershey's Feb 16, 16:52 2
        
        And what do you tell the person who can't get their cheque cashed? Eat it? - Name Withheld By Request Feb 16, 16:58 1
        
        There are other places to cash checks. We have Currency Exchanges here. -- nm - the liioulu with hershey's Feb 16, 17:01
        
        Hmmm. That was typed a little too quickly, but if you read the IM, it ties together. -- nm - Name Withheld By Request Feb 16, 16:21
      - Payday loans are basically a way to screw poor and uneducated people, in my opinion. - Subversive - daddy x 2 Feb 16, 16:16 5
        
        or people who are desperate for money and have bad credit and know exactly what they're doing. -- nm - kare Feb 16, 16:22 2
        
        Yes, there's probably a few of those too. - Subversive - in Trish's head Feb 16, 16:26 1
        
        what's not to understand? you pay a very high flat fee for a very short term loan. i'd rather that be an option than no option at all. -- nm - kare Feb 16, 16:32
        
        You're totally in my head today. - Trish Feb 16, 16:18 1
        
        Wow, comfy. I love your design choices! - Subversive - in Trish's head Feb 16, 16:19
- at least in gambling there's a chance of winning. -- nm - loosilu Feb 16, 16:05 1
  - Hmm, yes. So gambling is *better* than payday loans. -- nm - Beryllium Feb 16, 16:06

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