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 Posted: Thu Feb 07, 2008 8:27 pm Subject: A Parody Site Mocking Payday Loans
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I thought someone might find this a little interesting or amusing, while this site actually makes a mockery of Payday lenders, I kind of think they say, what some of us are thinking. It's something that makes you think. The site is located at wwwdotpredatorylendingassociation. I have read that you can't post an active link, so I hope it's OK that I posted the address, if not then a Mod can delete the site address.
| Quote: | Myth vs. Reality of
Predatory Payday Loans
Myth: It is unethical to charge a poor person 100 times the interest a rich person would pay for the same loan
Myth: Debt traps are a bad thing
Myth: The government should regulate predatory payday lenders
Myth: Payday lending is comparable to selling yourself into slavery
Myth: People are worse off after taking out a payday loan
Myth: The working poor have other options besides payday loans
Myth: Payday lending is bad for society overall
Myth: The majority of our customers are able to pay back their loans on time
Myth: "Loan sharking" is unethical
Myth: Payday lenders are not extraordinarily profitable
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.
Profit from the working poor. Learn more. Predatory lending vs. indentured servitude. Our response.
Payday or Predator?
We are embracing the term predator, which connotes strength and opportunity. After all, the American Eagle is a predator.
“I paid for my prescription drug co-pay with a payday loan.” |
_________________
Online Complaints Ohio Attorney General
Online complaints: Federal Trade Commission.
Ohio Payday Loan Laws
Ohio Consumer Protection Law
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Shazzers
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Posted: Thu Feb 07, 2008 8:31 pm Subject:
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Excellent information thanks for providing it. It makes you wake up and think about things 
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ladybug
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Posted: Fri Feb 08, 2008 7:23 am Subject:
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I chuckled a little, but mostly this is just really sad. 
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Don't take life too serious; it ain't nohow permanent.--Walt Kelly
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cdollar
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goudah2424
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Shazzers
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Posted: Fri Feb 08, 2008 9:35 am Subject:
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Oh, don't be sorry! It happens all the time!  Posts get old and are moved down, people forget, etc . . . . It is a hilarious read, so to refresh people's memories or show newer members is a good thing!
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I earn at least $20 extra every month doing offers. And you don't have to pay a cent.
Last edited by goudah2424 on Fri Feb 08, 2008 1:05 pm |
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goudah2424
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Posted: Fri Feb 08, 2008 11:37 am Subject: JUST DROPPING A LINE
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Ad removed per forum rules - Goudah
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Register today to encash debtcc points.
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mammaof2
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Posted: Fri Feb 08, 2008 12:28 pm Subject:
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i like the one that says
"i was able to keep my heat on for 2 weeks thanks to a payday loan"
Classic 
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jaydanielle1
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