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 Posted: Wed Aug 22, 2007 8:48 am Subject: Just imagine the horror if this came true!
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| Quote: | August 21, 2007
Will Wal-Mart Provide Payday Loans in the Future?
It seems like you can get almost anything under the sun at Wal-Mart. The mass merchandiser is the place to go for everything, from hot dog buns to bathing suits to power tools and some marigold plants for the garden! There are those who believe that there will come a day when Wal-Mart offers payday loans. The company, based in Bentonville, Arkansas, already offers a host of financial services to its many customers. So far, fast cash loans aren’t on the slate, but many stores offer money orders, check cashing, and cash transfer services like Western Union.
Near the beginning of the year, Wal-Mart applied for a license to take up short-term lending. Payday loans were never the target of such a license; the Walton family was intending to take part in more traditional short-term personal loans, such as the type that could be obtained from a bank or credit union. The application was turned down, however. It is believed that will not deter Wal-Mart, however.
Obviously, Wal-Mart’s low prices are a draw to the kind of customers that historically take out payday loans. There are many who believe that fast cash loans would be a good fit for the company. Then, of course, there are those who believe that the addition of fast cash loans would only expand the alleged monopoly that the mass merchandiser has over lower-income America. Right now, any association between the company and cash advance loans is only the stuff of rumors. It remains to be seen whether or not anything will come of all the hearsay. |
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goudah2424
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Posted: Wed Aug 22, 2007 8:55 am Subject:
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OH, that would be very bad.
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JEN5276
Joined: 31 May 2007
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Posted: Wed Aug 22, 2007 9:10 am Subject:
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Oh no! I hope that never, ever comes to pass. EVERYONE goes to Wal-Mart. Imagine the opportunity they would have to suck in millions upon millions of people. And what better place to do it?? If you are running short on cash, rather than sticking to a budget and waiting on an unnessessary item, just get a short-term cash advance and get it today!!! And then it will start...
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eleroo
Joined: 06 Jun 2007
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Posted: Wed Aug 22, 2007 9:11 am Subject:
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Yep . . . . I really hope it never happens. At least it is only in the rumor stage . . . .
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goudah2424
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Posted: Wed Aug 22, 2007 9:14 am Subject:
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Thank goodness! But, if I know Wal-Mart then they will do everything in their power to make it happen. That sucks! I might have to boycott them if they buy into the short-term loan business...Then what will I do??? I get everything at Wal-Mart. 
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eleroo
Joined: 06 Jun 2007
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Posted: Wed Aug 22, 2007 9:41 am Subject:
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It would not suprise me, they already stand at the door and try to convince you to get a Wal-Mart Credit card. Every time I go in there they bother me...I can not even imagine if they started this. In my very small town there are already 8 store front companies we do not need another. Wal Mart has built a "realtionship" with people and I think people would be more apt to take out a loan becuase it is Wal Mart...the company they have bought groceries and clothes from, where they get their tires done or oil changed, where they know the pharmacist and the garden employee, where they get their eyes examined, their hair cut and do their other banking... If Wal Mart is endorsing it it can't be all bad.... I sincerely hope this forever remains a rumor.
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RoxyNY
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Posted: Wed Aug 22, 2007 9:43 am Subject:
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You are absolutely right.
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eleroo
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Posted: Wed Aug 22, 2007 10:03 am Subject:
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sad indeed. Sam Walton I don't think would have EVER done this....
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vanryankelly
Joined: 18 Aug 2007
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Posted: Wed Aug 22, 2007 11:27 am Subject:
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Oh My..I hate Wal-Mart already, one more reason to stay away from them. It doesn't surprise me, though, they are known for being unfair and unethical to their employees, why not their customers as well?
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finsfan13
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Posted: Wed Aug 22, 2007 7:14 pm Subject: reply
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Pay day loans at Walmart? I think I'd laugh my ass off! How incredibly hilarious would that be? I'm trying to take the stance that this will never happen. However, can you see it now? At least I'd know where to go to file my complaints and give them my letters revoking their debit authorization! Oh, and I'll hand them a letter stating I revoke any wage assignment also. Do I have to stand in the Customer Service line to do this? Crazy!
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cannr
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Posted: Thu Aug 23, 2007 2:48 pm Subject:
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That would be horrible for walmart to do that to their customers. They were in enough trouble with their own employees and the general public.
ladybug
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ladybug
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Posted: Thu Aug 23, 2007 9:11 pm Subject:
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You know, I think the PDL biz would be a great fit for Wal Mart.
| Quote: | | Oh My..I hate Wal-Mart already, one more reason to stay away from them. |
Yup.
| Quote: | | I sincerely hope this forever remains a rumor. |
I could scarcely have said it better myself.
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Morningstar
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Posted: Fri Aug 24, 2007 9:02 am Subject:
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Oh no, that would not be good at all! I tell you, Wal-Mart is not what it use to be when I worked that many many moons ago. AT that time, Sam Walton was still alive and the store tried very hard to keep what he was trying to do alive. Now they don't have layaway any more (which I used a lot during the holidays or if needed a larger purchase), they are taking out the sewing and crafts dept, you can never find anyone to help you, it is just going downhill, like K-Mart did. It is really a shame and if they did that, well, I think it would just be one more nail in their coffin.
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2nband
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Posted: Wed Aug 29, 2007 3:00 pm Subject:
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I spent forever during Christmas time in the electronics department waiting for some assistance to get a video game in the locked cabinet. Needless to say they lost out on my purchase that day.
And how can they be taking out the craft department and thinking about adding a loan department? That is insane. Whenever I go to Wal-Mart I come out feeling like a horrible person for supporting them. But when you need something cheap and you don't expect for it to last, its the place to go.
My friend worked for them, and she got fired for allegedly selling cigarettes to a minor, never mind the fact that they didn't even check the cashier ID on the purchase, and it was in fact the old woman who couldn't see very well who allowed that purchase, and the judge yelled at the officer who sent in the minor on the sting operation. She of course could not get her job back, and they made no apologies what-so-ever. So instead she worked for McDonalds.....
Now imagine that, McDonalds taking over the payday loan business.... That would be even more scary!
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pokogeo
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Posted: Wed Aug 29, 2007 3:06 pm Subject:
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Good lord, what a terrible idea!! Don't they have enough junk inside the store that you usually regret walking out with anyway?
That would just take consumer regret to an entirely different level.........[/i]
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tree2510
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