Payday Loans On the Rise

asefati
by asefati
05-Mar-2010
 

I voted for Obama but not sure what he and his administration are doing. After following the footsteps of President Bush, he continued bailing out banks hoping to that they would help cash flow to people and small businesses.

And but that is yet to happen. Small businesses are continuing to suffer, credit cards companies either charge a lot of interest  or they deny their customers from more credit, and since this economy is so consumer driven, it will continue to hurt as consumers relied so much on credit to shop and businesses replied so much on credit to build up their businesses.

As the results, payday loans and cash advance loans are popping up online and other places. They are extremely high interest, short term loans, that don't really check for borrowers credit but they take direct deposit from consumers account.

I happen to do those a few times when I was in despaired need for cash. I paid a good amount fees and interest but at the same time they saved me from trouble.  And my income level isn't bad.

But the current credit crunch continues to force people of all income level to take a loan. When I was speaking to the loan agent at Pay1Day.com, I was told that many of their clients are nurses, teachers, and professionals who make over 50k. I find that very scary and alarming only to learn where this economy going. 

So I guess what I am trying to say is that, if you are having problem with credit cards, payday loans are an option but be extremely careful and only use those as last resort.

Balatarin
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Freddyb

The want of a person and his

by Freddyb on Mon Mar 15, 2010 07:53 AM PDT

The want of a person and his family can never be satisfied completely out of his income. And for fulfilling such demands here are times when family can face cash difficulty. Here may be many vital wants of his family, which needed to be pleased within one or two days. Any extra impediments may lead to a lot of multiple troubles for his life. Yet, the answer to all his monetary difficulty is available in the form of payday loans no credit check.
Freddy Braun, //usepaydayloans.com


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I Have a Crush on Alex Trebek

Gamblers include...... Wall Street

by I Have a Crush on Alex Trebek on Sat Mar 06, 2010 03:56 PM PST

Champions of capitalism I'm sure.


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Q

Of course...

by Q on Sat Mar 06, 2010 01:44 PM PST

Gambling and narcotics industries say the same thing.


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I Have a Crush on Alex Trebek

Q, that's not what its supporters are saying

by I Have a Crush on Alex Trebek on Sat Mar 06, 2010 12:59 PM PST

They are using the principle of capitalism to defend this. I saw this on PBS, by the way. It was called "Card Game."


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Q

this is called predatory lending

by Q on Sat Mar 06, 2010 12:56 PM PST

and is one of the worst crimes, in my opinion. It's not capitalisms fault, the system was enver intended to replace a set of morals. Both Christianity and Islam, for example forbid usury. This principle (directly because of its biblical origin) was codified in the US until it was revoked during the Reagan administration. //www.pbs.org/wgbh/pages/frontline/shows/cred...

What's happenig now is not capitalism but law of the jungle.


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maziar 58

.......

by maziar 58 on Fri Mar 05, 2010 05:58 PM PST

cash and carry THAT's my motto,.

and if you run out of cash just say your prayers

and tomorrow will be a new day,thing changes.        Maziar


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capt_ayhab

no one beats the Sachs Boys not even Barney

by capt_ayhab on Fri Mar 05, 2010 03:59 PM PST

horrifying truth is that those interest rate are allowed by LAW.

 

-YT 


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Darius Kadivar

Marge Jaan I concur ;0)

by Darius Kadivar on Fri Mar 05, 2010 03:28 PM PST

As Long as Women Keep Their Virtue:

//www.youtube.com/watch?v=JZ0jRuASVEQ&feature=related


  •  
I Have a Crush on Alex Trebek

Are they trying to beat Goldman Sachs for the Satan of the Year?

by I Have a Crush on Alex Trebek on Fri Mar 05, 2010 03:20 PM PST

800%? Still doesn't top Goldman Sachs! These guys will be out of business I'm sure, especially when the next wave of bankruptcy hits. 

Oh and if you took my Capitalism is Beautiful statement seriously, I'm sorry. I am a communist, actually.

Hello Darius, a woman without a man is like a fish without a bicycle. Mwah, marge.


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capt_ayhab

400%??

by capt_ayhab on Fri Mar 05, 2010 03:08 PM PST

That guy must have been the nicest loan SHARK ever, how does 800% or even 1200% in some cases sound to you.

Them Mafia Lay-sharks had more honor.

-YT 


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I Have a Crush on Alex Trebek

I agree that he isn't forcing anyone into his shop

by I Have a Crush on Alex Trebek on Fri Mar 05, 2010 03:02 PM PST

People make a choice whether to charge things on credit cards or whether to get a 45 day loan at 400-500% interest. I didn't say it's a good business, but it's a living. These people aren't even that bad, when you look at the scams being run by Goldman Sachs and friends. 

The only reason any reform is likely to happen with these pay day loan guys is because Goldman Sachs and other big banks are losing customers to these pay day loan branches, which look a lot like banks if you have ever seen the inside of one. 


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Darius Kadivar

Marge Know Your Limits ;0)

by Darius Kadivar on Fri Mar 05, 2010 02:58 PM PST


  •  
Cost-of-Progress

marge is back

by Cost-of-Progress on Fri Mar 05, 2010 02:44 PM PST

people like marge puzzle me. What is it that you agree with exactly and  is there anything to your liking?

____________

IRAN FIRST

____________


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I Have a Crush on Alex Trebek

capitalism is beautiful

by I Have a Crush on Alex Trebek on Fri Mar 05, 2010 02:39 PM PST

i saw an interview with one of these pay day loan shop owners. he said "what is deceiving? 400% interest is written on the wall in 40 size font! I am not forcing anyone in here."

He had a good point. People are stupid, but they are also desperate.  


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