ST Alpha - "They also take a lot more riskier business arrangements than you would ever get in a bank situation. " (Reading a Post)

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In response to "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." by Subversive - daddy x 2

They also take a lot more riskier business arrangements than you would ever get in a bank situation.

Posted by Name Withheld By Request (aka BlueKopo) Feb 16 '09, 16:14

I'm not lobbying on the industries behalf as a model community enterprise, however before people like Bery advocate for their removal, he should consider why they exist in the first place.

Responses:

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

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They also take a lot more riskier business arrangements than you would ever get in a bank situation.

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