| Author |
Message |
|
|
 Posted: Wed Nov 28, 2007 9:12 am Subject: Join the PLA
|
|
|
| Quote: | November 21, 2007
Are You a Member of the PLA?
If you keep up on payday loan news at all, then you have probably at least heard of the CFSA. The Community Financial Services Association of America is the nation’s largest trade organization of cash advance lenders, and one of the fast cash loan industry’s biggest supporters and financial backers. Many states facing legislation of these ubiquitously unpopular, short-term personal loan products have spun off their own coalitions, including the District of Columbia Financial Services Association (DCFSA) and, most recently, the Arizona Financial Services Association (AFSA). These associations claim to be pro-consumer, and allege to want to help lawmakers establish “equitable” payday loan legislation. It isn’t a stretch to see where this claim could seem spurious to naysayers.
Hence, the rise of “The Predatory Lending Association,” or PLA. No, you aren’t misreading that. The PLA is a spoof of cash advance lending trade groups, based around the website created by humorist Mike Mathieu. If you are familiar with The Onion’s broad satire, then you will get the point. This faux fast cash loan loan industry association’s mission statement is, “to [extract] maximum profit from the working poor by increasing payday loan fees and debt traps.” The statement goes on to “reclaim” the word “predator,” by pointing out that the very patriotic American Eagle is one, and embraces the working poor as “an exciting, fast-growing demographic.”
Payday loan opponents will undoubtedly find more than a trace of dark humor in the PLA, but real cash advance personal loan industry leaders are unlikely to be amused. This lampoon of the burgeoning American fast cash loan industry also features a Google-style map tracker showing clusters of lenders in poor neighborhoods and around military bases |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
|
|
|
 |
|
Posted: Wed Nov 28, 2007 9:12 am Subject:
|
|
|
| Quote: | November 27, 2007
The PLA: Growth and Response
Last week, our News team here at Payday Loans ABC brought you the story of the “Predatory Lending Association,” the mock-up of fast cash loan trade association groups that was created by software whiz Matt Lerner. The PLA broadly (and relentlessly) lampoons organizations like the Community Financial Services Association of America (CFSA), which devoutly preach the gospel of cash advances as legitimate financial solutions, and staunchly defend the much-criticized practices of payday lenders. In its mission statement, PLA expresses devotion to “helping payday lenders extract maximum profit from the working poor.”
News of the PLA’s inception quickly spread around the financial world, inciting much mirth on the part of the many, many payday loan opponents across America. Less impressed was the CFSA, which had to have been stinging from the criticism. Spokeswoman Lyndsey Medster sniffed that the very real plight suffered by those consumers who turn to cash advance personal loans to bridge financial emergencies was “not a parody,” and commented that the PLA was much more reflective of stereotypes about fast cash loans and lending than any kind of factual reality about the industry.
Lerner, who lives in Missouri, claims that he was spurred to create PLA after witnessing the ongoing social commentary about the relative worthiness of payday loans, and the debate over their legislation. Lerner states that he hopes the PLA will draw consumers’ attention to the very real problems facing cash advance loans today, including predatory practices and usurious interest rates. |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
|
|
|
|
Posted: Wed Nov 28, 2007 9:21 am Subject:
|
|
|
The website is hilarious!
predatorylendingassociation.com/
Some of the stuff on it:
| Quote: | Myth: It is unethical to charge a poor person 100 times the interest rate a rich person would pay.
Reality: We live in a free market society, if the working poor are willing to pay 100 times the interest rate a rich person would pay (e.g. 550% apr instead of 5.5% APR) there is clearly a market need for our service.
Myth: Debt traps are a bad thing.
Reality: Debt traps are the cornerstone of payday profitability. Although the 2 week term of a payday loan traps most people in debt, there are a few customers who are able to pay off the loan on time.
Myth: The government should regulate predatory payday lenders.
Reality: Although it is true that our government regulates some free market activities such as prostitution and drug abuse, payday lending is fundamentally different because it is a financial service.
Myth: Payday lending is comparable to selling yourself into slavery.
Reality: Although there is a market need for slavery, people do not choose to sell themselves into slavery. Free choice is the difference between payday lending and slavery.
Myth: People are worse off after taking out a payday loan.
Reality: Imagine that a borrower takes out a $1,000 payday loan due to a health emergency. One year later, they have paid thousands of dollars in loan fees and still owe the original $1,000. The payday loan enabled the borrower to receive healthcare and resulted in a large profit for our industry.
Myth: The working poor have other options beside payday loans.
Reality: The PLA is actively fighting credit unions that provide alternative lending options to the working poor. The success of payday lenders depends on a lack of access to other financial services. Read about the North Carolina crisis.
Myth: Payday lending is bad for society overall.
Reality: Industry analysts estimate that more than 22,000 payday loan locations across the United States extend $40 billion in loans to millions of working poor households. The profit our industry creates is good for the U.S. economy.
Myth: The majority of our customers are able to pay back their loans on time.
Reality: 90% of our industry profits are generated by repeat borrowers who roll over their loans1. Few members of the working poor realize that they will be unable to repay the loan when it is due. Loan rollovers are the cornerstone of payday profitability.
Myth: "Loan sharking" is unethical.
Reality: Critics claim that it is unethical to profit from lending to the working poor. They say, "In the richest country in the world, the poor should not have to pay exorbitant interest rates to take out a loan." These critics fail to realize that the free market is what makes America the richest country on earth.
Myth: Payday lenders are not extraordinarily profitable.
Reality: In some states, there are more predatory payday lenders than Starbucks™ coffee shops. We are an extremely profitable industry. |
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Last edited by goudah2424 on Wed Nov 28, 2007 9:44 am |
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
|
|
|
|
Posted: Wed Nov 28, 2007 9:36 am Subject:
|
|
|
Good post goudah!
|
|
volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24895
|
|
|
|
Posted: Wed Jul 23, 2008 8:53 am Subject: PLA
|
|
|
I was surfing the "net" and simply typed in predatory lender
and to my horror or shock I found this PLA web site.Like goudha I found this site humorous but dark as well.They talk
about racial profiling etc. and how to keep the unwitting
consumer in a unending spiral of debt.Unbelievable but it is
a sad road that our working class citizens are headed down.
I hope that anyone out there is considering a loan with these
"establishments" will come to this website first rather than later.
|
|
stevekathy4867
Joined: 24 Sep 2007
Posts: 60
Debtcc Points: 1827
|
|
|
|
Posted: Wed Jul 23, 2008 8:57 am Subject:
|
|
|
Great Post and interesting reading!
|
|
llw1995
Joined: 02 Feb 2008
Posts: 1428
Debtcc Points: 13709
|
|
|
|
Posted: Wed Jul 23, 2008 9:17 am Subject:
|
|
|
hmmm it makes me wonder if maybe it is a "fake" website? I mean it is things we all would THINK they would say, and maybe it is real, but to have it all there in writing is just a bit suspect to me ....
of course maybe I have blinders on?
_________________
|
|
smo65d11
Joined: 21 Mar 2008
Posts: 763
Debtcc Points: 4786
|
|
|
|
Posted: Wed Jul 23, 2008 9:20 am Subject:
|
|
|
Great post Goudah! I loved it! I can't wait to get home and peruse the website myself. I agree with Stevekathy, wouldn't it be great if everyone considering PDL's would have to come here first.
Jen
|
|
jennifer_bailey75
Joined: 02 Jun 2008
Posts: 155
Debtcc Points: 1611
|
|
|
|
Posted: Wed Jul 23, 2008 9:36 am Subject:
|
|
|
smo - It is a "fake" website 
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
|
|
|
|
Posted: Wed Jul 23, 2008 10:07 am Subject:
|
|
|
LOL oh okay, I was in a hurry when reading the post and I didn't actually look at the link where it is probably a lot more clear that it was fake.
Glad humor can be brought into play here!
_________________
|
|
smo65d11
Joined: 21 Mar 2008
Posts: 763
Debtcc Points: 4786
|
|
|
|
Posted: Wed Jul 23, 2008 10:11 am Subject:
|
|
|
| Quote: | | The PLA is a spoof of cash advance lending trade groups, based around the website created by humorist Mike Mathieu. |
We can only wish that these lenders were that transparent!!!
_________________
How I make some extra cash
I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
|
|
goudah2424
Moderator
Joined: 31 Oct 2006
Posts: 8007
Debtcc Points: 111639
|
|
|
|
|
NASCAR_Devil
Moderator
Joined: 20 Jun 2008
Posts: 2114
Debtcc Points: 10358
|
|
|
|
Posted: Wed Jul 23, 2008 2:17 pm Subject:
|
|
|
I am still laughing... yet cringing at the thought that something as bad as a pdl exists so that parody may live
_________________
Life is a journey down a road filled with many twists, truns and forks. the destination is not important... the journey is what makes life precious.
|
|
jj
Moderator
Joined: 24 Oct 2005
Posts: 1047
Location: Washington State
Debtcc Points: 8612
|
|
|
|
Posted: Wed Jul 23, 2008 3:11 pm Subject:
|
|
|
I love the disclosure when you subscribe
| Quote: | | We'll never sell or rent your personal information—and we'll never use your personal information to take out a payday loan. You can unsubscribe any time. |
Then after you subscribe:
| Quote: | We will now steal your identity, take out massive loans in your name, and then move with your money to an unspecified offshore location. Just kidding.
But seriously, talk to your friends and write your legislators about payday lending. The government has already capped interest rates on payday loans to military personnel at 36%. Shouldn't all citizens have this protection? |
Too funny. Wouldn't it be even funnier if they managed to advertise on some of the PDL sites?? LOL
Jen
|
|
jennifer_bailey75
Joined: 02 Jun 2008
Posts: 155
Debtcc Points: 1611
|
|
|
|
Posted: Wed Jul 23, 2008 7:37 pm Subject: pdl
|
|
|
PDL's again. A 'never-ending-story in our lives. You hardly ever get 'out from underneath them.' They are crooked people, however, I know ALOT of us are so desperate at times, we don't care. 'Been there..done that' for sure. I wish PDL's never existed.
|
|
sdchargers_63
Joined: 08 Aug 2007
Posts: 1193
Debtcc Points: 11337
|
|
|
|
Posted: Wed Jul 23, 2008 8:45 pm Subject:
|
|
|
Great site--but what's scary is that someone out there might actually think it's real. Comeon, you KNOW that someone will. PLA?? Almost sounds like the PLO, lol...
|
|
kscornell
Moderator
Joined: 22 Jul 2006
Posts: 3615
Debtcc Points: 32897
|
|
|
|
