Do you think that payday loans should be banned across all states?
on 28 July 2009
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Question 10: Do you think that payday loans should be banned across all states?
Payday loans - the high interest loans that help meet our unforeseen expenses, often push us into the vicious circle of debt. Most of these payday loan companies operate illegally and harass debtors with threatening calls, in case the debtor fails to pay back the money. Moreover, pdl companies also ask for payment of high interest and finance charges.
We invite you to share your opinion on whether payday loans should be banned across all states. If your opinion is voted as the best by our members, you can win $50.
Payday lenders basically have a license to steal, there isnt anything right about that. I believe that all the complaints consumers have filed the past few years have finally opened the governments eyes on many levels. Payday lenders should be regulated on a Federal level, one law for ALL payday lenders, but we know that will never happen, therefore, they should be banned.
Answer Posted by |Shazzers
The other answers worth mentioning are:
Answer 2:I am not sure that banning them would be the answer. It is kind of like in the past when they banned the booze, people found a way to get it through illegal means. I think the loan sharks from years ago would profit greatly from this.People are going to need help, especially now and when you are desperate, you do desperate things.
Maybe the answer would be to have very strict laws passed on rates,rate caps,disclosure,fees,etc. And this would be done under an agency that makes sure that they are following the guidelines,if this would even be a possible way to regulate them.
I also think that we,as a society, need to learn to become educated in debt,debt practices, handling our finaces,etc. Once we are educated in these, we are armed to make logical decisions and wiser choices with our money.
Until, and unless,there are stricter limits,fees and a wath dog on the PDLS, it will continue to take advantage of desperate people..
Answer Posted by | Bossy4455
Answer 3:I am one person who should say a big yes to this question because of the huge mess I had been in, but I would have to say no. They need to crack down on the internet lenders and put all of them out of business. Because with the internet lenders all the fees collected are going over seas. We need to keep our money here in the USA not to make some other county rich by screwing the American consumers who fall on hard times. But now with the storefront lenders there needs to be some regulations placed on them. They need to come up with some sort of database that they all have to report to, like the chex system for example. So that customers cannot have 10 loans out at different companies. Only allow them 1 and NEVER over $500. I see them now offering over $3000 on a payday loan. They should have set interest rates. Not in the hundreds either. Even though thats how they make their money. They are like legal loan sharks now, when they should be in business to help the customer who cannot get a regular loan because they have bad marks on their credit. Not to make matters worse. If they have a complaint againt the company there should be an investigation and if the complaint is true they should lose their license.It should be made that no one is able to fall into the payday loan trap. Take it from me, a person who ended up in that trap and paid out over $65,000 in 2 years by paying rollover fees and loans just to get out of the mess. But if no one wants to put the strict regulations on payday lenders then they should not be legal at all. But now states that allow payday loans would end up losing all the license fees, and that will come back to us in some other fee to the state so they can make their budget.
Answer Posted by | puddlejmpr
Answer 4:Many of us are average income workers that fall into financial problems now and then. That puts us into the position of needing quick funds to solve the problems. Payday loans can become a quick fix and addictive. Their interest rate is ridiculas and they purposely try to rip you off. If banks would wake up and allow more small short term loans to help the average person, they can eliminate many of the Payday loan companies. Yes Payday loan companies should be banned in every state.
Answer Posted by | drop9drop
Answer 5:Yes, I believe that PDLs should be banned across all states. They are presented as an option to help you make ends meet until payday with commercials showing people smiling and feeling relief; however, they are a trap. They dont show that same person trying to pay $900 or more for a $300 loan.
I fully understand the need to collect interest on a loan; however, they are attempting to collect the same amount of interest someone would pay for a several thousand dollar loan that is paid back over years. If they wish to collect that much interest, they should provide those types of loans. I also understand they are generally lending to high risk debtors; however, this is no excuse for the fees, interest rates and tactics they use to collect.
The fact that the majority operate illegally shows their unwillingness to cooperate with the laws of our states. Since this industry refuses to abide by the law they should not be allowed to operate within the USA.
Answer Posted by | sixxgurl1982
Answer 6:YES, I do definately believe that "pay day loans" should be banned in both the United States, and in Canada. The rates are so high that it appears to be more like "loan SHARKING", rather then a "loan". The same can be said for credit card companies! It is in my opinion, a blatant abuse of the needier people who usually seek out a temporary loan. PLAINLY...ITS GREED!
Answer Posted by | Karen1244036387
Answer 7:Payday loans should be banned across the United States. The companies who provide these loans engage in predatory lending practices. Due to the lack of regulatory standards with internet payday lenders, the consumers can access multiple loans, often putting a band-aid on their financial burdens from payday to payday, ultimately mounting to volcanic proportions. Each payday the consumer takes additional loans in an attempt to live from payday to payday as the majority of their check is drained with multiple fees.
It is an unfortunate and sad predicament, often leading to financial ruins and additional stress on individuals and families.
Payday loan interest rates and fees are outrageous and are worse in comparison than loan sharks. Help vulnerable consumers and stop the "payn" BAN PAYDAY LOANS!!!
Answer Posted by | mashba
Answer 8:I absolutely believe that payday loans should be banned from offering lines of credit. Theyre all togeather a huge joke and just about anyone who is thinking about taking one out should totally rethink their idea of borrowering $300 with a 200% interest rate. I got way in over my head. I was literately drowning in this payday mess I got myself into about 3 years ago it took over 6 months to get out of the mess while trying to take ends meet. See the deal is they dont want you to get out of debt theyd much rather charge you interest everymonth instead of allowing you to pay back the loan quickly. I even had one loan where I paid it off and they still continued to draft money out of my bank account. Never the less I closed the Acct they were drafting from contacted them to inform them of their illegal activity and they didnt seem to care. They asked me if I enjoyed check kiting!? I had no idea what this was nor did I understand what the rep was meaning. I had the ability to send my bank statments proving that they drafted me after the loan was PIF (paid in full) along with the CC I paid the loan off with. What a freaking hassle. Ill NEVER make the same mistake again. Payday LOANS are HORRIBLE and I hope that the compaines that own these organizations are sent packing.
Answer Posted by | mary1243999638
Answer 9:I think the ones that do not carry a license within the state the person who is trying to get a payday loan resides in they should not be able to lend money. From experience online payday loan lenders typically do not carry a license in my state (Alabama). Did I get approved yes! Did I know this at the time of getting the funds no. After the snowball effect of loan after loan due to not being able to pay on the ones I already had I just applied for me. The fees are outrageous and it is hard to keep up with when they debit your checking account. Some of them I didnt even know for sure I was approved until the funds were credited to my account. Nothing was emailed to me as far as sign on information to the site so I can check my balances. Also, most of them charge a rate that is too high then set by Alabama Banking and gave over $500 which the max in AL is $500 not to mention you can only roll over one time in the state of AL. All but one of mine rolled over causing me to pay for way more than I should have. Personally store front is better! Check your states laws and ask them who is legitimate.
Answer Posted by | Lori1243887804
Answer 11:I can only go by my experience.I think that the payday cash advance is the worst idea anyone has ever come up with.My husband was laid off from work.All bills were behind but you hate to ask family members.I was always taught to try an handle things on your on.My father always said don put people in your business.Well since Ihave gotten four cash advances I can keep up with them and Ihave had to put my family in my business just to keep afloat.I have a disease called lupus and I can tell you how long I have been off my medication because I can afford that and food,shelter,etc.The payday loans seems like they are helping you at first until it is time to pay back and you have nothing left to go to the next payday.It is a never ending trap and they know this when you are standing there signing that check.I never thought that I would hate payday I already know before I can use my hard earned money I have to run around town to pay these check cashiers. I wish there was some way that I could breath again and have my check again. I would advice anyone and everyone never fall into that never ending trap.You are paying some one eles to uses your money.
Answer 10:No, although they cause a lot of headache when you get into them (like myself). They do provide a way out of no way in an emergency. IfI did not get mines, I would not have money to get a pull up for my child and no one could, the funds came through at the last minute and when I needed it most. It is the consumer to be cautious and who needs underground payday loans to start popping up. You think crime is bad now!
Answer Posted by | brownlatisha
Answer Posted by | ylf
Answer 12:I feel that these Loan Operations are rife with I.D theft possibilities, they do not bond nor license the Employees and if they were to quit they can AND DO walk out with valuable information. They should be shut down or Federally Regulated with State Regulations to compliment either. To my knowledge there are no regulations regarding this aspect.
Answer Posted by | LORETTAS56
Answer 13:Yes, Yes, Yes - They should ban payday loans in EVERY state. Once a person gets a payday loan for $1,000 they can expect to pay atleast $3,500 just to re-pay their $1,000.
It took me over 11 months to pay them off. Payday loans are worse than CRACK! Ban them please! I speak from experience and that is an experience that I never want to go thru ever again. I lost sleep for months trying to figure out how I was going to feed my family worrying about my payday loans. They are loan sharks PERIOD!
Answer Posted by | jnel1610
Answer 14:I dont think so. I mean many of us with this economy today have fallen on hardships and cant even afford our monthly bills. I for one have a good job, and once in a while have the need to ask for a payday loan in order to get by or pay for an unexpected emergency. I dont agree that they should be banned, but regulated a little more. There are some payday lenders that charge outrageous rates and that is was gets people into more trouble that they already are. One idea should be to offer borrowers a lower fee if they pay the loan off early. If they choose to extend the loan then they get charged more. Maybe this way there will be an incentive to repay your loan faster.
Answer Posted by | Sulma Reyes
Answer 15:Yes i do believe that payday loans should be ban across all states because all those companies do is take advantage of the of the person applying. They add outragous fee and most likely the person is unable to pay it back, which gets them into more of a dept. The companies only really benefit theirselve and screw all of us. They do not deserve to take advantage of people anymore.
Answer Posted by | shawnboo1
Answer 16:Yes they should be outlaw and their sleaze Debt collectors who threaten you with jail or pay up. I believe in free enterprise and a company to make a legit profit but not 650% a month. Yes I been stung by a pay loans and still am. But I need help for a emergency situations of med and hospital for my wife.
Answer Posted by | James Woodrow
Answer 17:Yes they are horrible....They gave me a false sense of security..thinking I was handling my poor money management in a constructive manner. The % charges for small oans is terrible. Usually the poorest or hardest hit financially are the ones needing this smalll loan assistance, not to be taken advantage of@!
Answer Posted by | Mary Hayes
Answer 18:Yes, there are state laws against predatory lending practices yet these people seem to get away with it. Why are they not being prosecuted and shut down? I recently saw a case of $600 loan over a one (1) year time frame result in an $1,800 pay back or 300% interest per annum. Thats called "LOAN SHARKING" which again is illegal. That is well above the two states with the highest legally allowed rate of 45%. Ive heard of these companies charging as much as 500% on their loans. Its outrageous that little to nothing is being done about these companies. Ive only heard of two states cracking down of these companies. Our government at work for who?
Answer Posted by | Ernest
Answer 19:Under the current circumstances that most of them operate, YES! If they were operated ethically, with the intent to really help someone in a bind, it would be different. I believe that we all need help from time to time, and if you could take out a small loan, and then pay it back in 3-4 payments, without unbelievably high interest rates, then I would not be opposed to it. Unfortunately, these companies all seem to be setup with the sole intent to take advantage of people in need for their own profit (EXTREME profits!).
Answer Posted by | kswesterman
Answer 20:no i would not ban them but the interest rates should be more reasonable. It puts the person in a bad spot like my self, I drive the school and two of my friends were having problems with thier drivers liscense so they asked me to take a payday loan and i did and now they dont want to pay it back so I am stuck. I dont want to loose my checking account but these do not care. I dont mind paying them back I just need time and be without unneccary fees acessed to my account after i explain the situation. But you already know if i dont get legal help i will be a gonner.
Answer Posted by | jacqueli.lofton
Answer 21:I think after your first visit you are hooked in and it takes a lot to get out of this sycle. I know that interest is at times over 300%. There should be a law againt this.
There should be a regulation not to charge that amount of interest. It is a way to pray on people that need just a help.
Answer Posted by | laroea
Answer 22:NO. It is a reasonable alternative for responsible people who need some cash for a short period. It is far more humiliating to go to a pawn shop with my TV or to a relative for some cash. I think there should be a limit on how much a lender can lend someone though. Say 25% of their take home pay.
Answer Posted by | dave284
Answer 23:Yes because I have received 3 letters from you and can never get the money so I had to miss my Uncles funeral. So i am not to happy with this mess. no one seems to want to help when you really need it. Now I have some medical bills I would like to take care of and they send me to a debt company I guess I just do not understand their logic.
Answer Posted by | carolynroe96
Answer 24:No but they should make it harder or something to get them. Or limit how many loans can be take out during a certain period of time. Its just too easy to take these loans out. I have used this service one time when my car broke down and payday was in about three days but the car needed to be fixed NOW.
Answer Posted by | ROBERTA
Answer 25:I beleive that legitimate pay day loans should not be banned. Now Let me clarify this statement by legimate i mean legal to lend in the state that you reside in. I also believe that they should abide by the laws regarding payday loans in your state. For example if i live in ny and payday loans are illegal in my state then i should not be able to obtain one period. There should be no rollovers or high interest fees applied at all.
Answer Posted by | tjeve11
Answer 26:No. I say no, because for some well intentioned people it is the only way that one can get a loan when your credit score is less than desirable due to past blemishes or a bankruptcy on record. If these loans are banned how could said person make a utility payment to keep the water or lights on until payday or pay the mechanic who got ones car running so that one can get their car back before payday?
Answer Posted by | Erin1244482532
Answer 27:I think they can be good, but I think there needs to be some laws and guidlines. I was about to take out 10 on-line..kinda the rob paul to pay peter theory. I am now in debt consolidation, because I kept extending them, thinking my bonus was going to come through to catch me back up from unforseen finances.
Answer Posted by | lynsgal
Answer 28:No, I think that the personal responsibility to handle all financial ideas is in the manner of choice, even if its a dumb one. For example, if one chooses to start smoking its a personal choice. The same as stopping your car, getting out of it, and making a dumb decision on payday loans. So in conclusion no, I do not think that they should be banned. I just think that people should be more educated, or maybe have a "side-effects" label on the institution. THANKS YALL!
Answer Posted by | joshuarandall1988
Answer 29:Yes i feel Pay day loans should be banned because they are blood suckers. There is no limit really to how many you can obtain in a very short time. and once your finance fees are taking out of your back account you have nothing left to live off of. Then after so long you start paying a double finance well actually it is not double finance but it is your finance fee and your pay down of 50 bucks so depending on what you borrowwed now that you may be payin gdown you are probably overdrafted everytime in your bank account because of how much it actually cost and when you are in need of money this will put you even further behind. you can never get a head with these hungry money blood suckers. they will take your money every chance they get to be paid back but by time you refinance that 5 or 6 th time we have let them take more than what we have borrowed. jus tmy opinion about this matter. Julie in Florida
Answer Posted by | Julie1244557116
Answer 30:YES I THINK THAT IS SHOULD BE BANNED FROM THE USA. THEY ARE TAKING MORE IN THE END THAN THEY LOANED TO THE CONSUMER. AND WITH THEM HAVING ACCESS TO PEOPLES ACCOUNT THAT HURTS THE CONSUMER BECAUSE THEY CAN TAKE WHAT THEY WANT AND LEAVING THE PEOPLE BACK AT SQUARE ONE. WHICH LEADS THEM TO GET ANOTHER TO HELP WITH BILLS AND THE OTHER LOAN. SO I FEEL THAT ITS A BIG SCAM.
Answer Posted by | TINA L MOORE
Answer 31:No, Not the legal ones just the internet ones that are not obeying the Laws,charging 100 percent interest etc. Amscot and ace do good and legal work. They have everything in writing and give you a copy. People use them to pay for treatment for there children, medicine and food. Why do I need more than 300 characters ????????????
Answer Posted by | Karen1244559593
Answer 32:Yes I think payday loans should be banned. They prey on the "poor" and the "barely gettin by" Its not right! I was in the military and they are all around every military base in the US. I know at Camp Pendelton there is a group of high ranking officers trying to get them away from the bases. Because there are so many young Marines getting caught up in these legal "loan sharking" businesses. This has to be stopped!
Answer Posted by | kristiherscher
Answer 33:yes i do, so many of us need that extra cash for what ever reason and forget that the fees that are assesed are high and have no choice but to reloan to keep afloat. i have 2 out right now and i am anly back stroking. if i pay them off then i am out of the money to pay my bills. they love us people
Answer Posted by | connie
Answer 34:Yes, because it seems easy and accesible to people; but those people are the ones who should not get involved with that because they end up not being able to pay it back and they are in worse trouble than before. If they could pay it back as soon as their payday, it would not be so bad, but most people who borrow like that need their checks to take care of everyday things.
Answer Posted by | srainey
Answer 35:I think payday loans should be banned across all states because they are nothing more than high interest loan sharks. Their add states get can borrow to $1500, but they start you out at $200 or $500 beacuse "we dont know you yet". The fees keep adding up until you ending paying twice as much as you borrowed. You cant stop unless you closs your account beacause off course you have given them all of your checking account information. After you finally pay off one loan, they want you borrow more! I, unfortunately am speaking from experience.
Answer Posted by | rox2346
Answer 36:I feel strongly that payday loan companies should be banned from doing business in the USA. They are no better than "legal" loan sharks. Their rates are astronomical! some as much as 700%. and there is no legislation for them. They are free to charge high rates and then to harass the consumers if they are unable to pay the loan in full.
And as if that isnt enough, they will push you into taking higher and higher loans saying it will " help" you! Of all the nerve! These people are no more than bottom feeders preying on consumers that for one reason or another are unable to qualify for short term loans through banks or credit unions!
I have been in this payday loan trap for over six months and feel overwhelmed by the number of calls and the lectures I take from the collectors. There has to be a middle ground developed where consumers can get low cost short tterm loans without feeling they are being victimized by gangsters!
Answer Posted by | pcoll1951
Answer 37:Most Definitely!! They are a vicious cycle of debt and they prey on the vulnerable and desperate. They should be banned across all states and those of who have paid back outrageous fees should be refunded everything above the principal and reasonable interest. I myself will never take out another payday loan, I would rather go hungry first!!!!
Answer Posted by | lkub65
Answer 38:Yes, I think that Payday Loans are a complete rip-off. I also think Dennys is a complete rip-off, but I would never suggest that Dennys be forcibly closed or outlawed. They should have honest business practices, though. There should be much stricter punishments for those who would flagrantly break the law by lying to their customers/clients, or misleading them. Any company should be completely open and honest. Period. If someone is willing to pay ridiculously high interest rates, then let them. But be honest. Disclosure is important. And if the debtor gets behind on payments, follow the laws guiding collection or - gasp - WORK WITH THEM. Is that so hard? Just a little human decency and courtesy? Oh, the humanity!
Answer Posted by | Chrys Henderson
Answer 39:The definition of the term means several different things. The way the system is purposely set up so that only a small minority own a majority of a nation and or the earths resources. The continued exploitation of people through paying them less than liveable wages. Poverty is something that exists on purpose in order to allow those top 2% that are the wealthiest people in the world, to continue to stay wealthy. The middle class is disappearing. Where there is no middle class, than that means there are only two classes, the rich, and the poor. Various schemes are put in place to regulate who has access to what, and the banking system, credit card industry etc...are designed to create or make a majority debtors that owe in the millions, while those at the top scoff up those millions like sharks on a feeding frenzy. Without the poor and working classes, we wouldnt have wealthy people (and or institutions)...they get fat from what little we at the bottom rung have. The injustice of the entire thing is just that. "INJUSTICE" in capital letters, and Experian is just one of the other forms of exploitation that is being perpetrated against the people. Why would a corporate entity keep from you what is rightfully yours? Sounds like "1984" to me. It certainly doesnt sound like the United States of America does it? No. Believe it or not, this is the type of tyranny that the Founders if they were living today, would find inexcusable. Did we fight a Revolution for this? did we fight to save the Union during the Civil War for this type of corporate exploitation of American citizens? We fought wars in the past in order to free ourselves of all sorts of tyranny, including the pockets of it that exist and or existed in our own nation. Corporate greed, is UNAMERICAN. Exploitation of citizens is not capitalism. It is simply reckless and selfess greed and a total disregard for the rights of others."
Answer Posted by | harry1244822497
Answer 40:I am involved with pay day loans; and this month I couldnt even pay all my needed bills. I have decided to find a method of getting rid of these loans so I can live a NORMal life. MY ANSWER is YES GET them banned in all states and many of us would be alot happier and able to live on my Social Security Disability in my case. I figured it out and I will be so ahead to get this CYCLE over with in my life. I am 65 years old and a single person that is disabled.......These loans are ruining my life.......Ive got to just talk to them face up and tell them I cannot pay this anymore. I can only pay maybe $15.00 at the most a month; because I have 3 of them plus a bank loan that will be paid off in about 8 months. It would be so nice to be able to just GET RID OF THESE every month loans...........We think in the beginning they help and the interest just kills us. I had to get a new bank for other reasons; and a week later just realized those checks will be dead now. Then I figured and decided I got to get out of this MESS. Thank you for listening. YES YES YES get rid of all PAYDAY LOANs.........
Answer Posted by | pawtracksare
Answer 41:Yes, payday loans should be banned. Being a person who is financially over extended, this is clearly a desperation loan/ move. When you get to this stage its over. Failure to pay this loan adds to your already stressful situation.
Lets play make believe. Its payday, you have rent or mortgage, utilities, car note, car insurance, credit cards, and a payday loan to pay. The check for the payday loan is processed, you have enough to pay utilities, car note, and car insurance, but not the rent or mortgage or other creditors. The cycle begins again. Get another payday loan, pay rent or mortgage and credit cards. This cycle never ends.
Answer Posted by | jackie1244902457
Answer 42:Yes.! Lets banned payday loans they are killing people with all the phone call putting people in debt they are not helping they are hurting people get into debt more than ever.payday debt !! That is what we should call payday loans they are killing people they are no help at all. All they do is hurt you by making you worry if they will one day show up on your job. Let BANNED payday loans...
Answer Posted by | lyhward3940
Answer 43:I believe that any company that can charge 459% is no better than a loan shark, and should be put out of business.
Most of their customers are poor people who cant get a loan anywhere else, and I feel that these companies take monstrous advantage of the situation. Just like those check cashing places charging a percentage to cash your check all because you cant get an account at a bank.(Which nowadays ask for some outrageous forms of ID).
My vote? Make them go out of business.
Answer Posted by | charles rinehart
Answer 44:payday loans are in the same category as credit cards, but worse i think because they are so much easier to get and people tend to ignore the high interest rates. most people overlook the interest figures on the contract and just note the dollar amount for the loan which at the time doesnt seem so bad. i have a friend who works for one of the payday loan companies here locally and she remarks of how demoralized some of the customers are by what they need to do...week after week...with no end to the vicious circle... particularly sad are the number of senior citizens. Yes, i think they should be banned nationwide.
Answer Posted by | barbara keenan
Answer 45:They should be banned but before they are banned there needs to be other options for the disadvantaged. Some people work hard but due to emergency issues, they dont have saved money and this has been an great avenue for individuals who find themselves in a bind but because they have less than perfect credit, they are not able to get a loan from the bank, credit union and the finance companies. I dont think individuals who lose their jobs or get ill beyond their control, be a target for companies to take advantage of. Their credit is usually affected and they are penalized by high interest rates which is not only in check cashing but finance charges. These companies have to make money but there should be a limit on what they can charge. There needs to be avenues to help less unfortunate individual get back on their fee instead of losing money in trying to help their families.
Answer Posted by | Bette Mitchell
Answer 46:Yaps, its make bigger burden to the people at ease to pay their needs but the burden was the higher interest and makes the person hard to repay... its not helpful makes them buried of debts more. if there is a law that smaller the interest for the benefits of the people to help but gain too for their business I think it should fairly doing business to give out smaller loan than 20% so that our economy will be recovery and help a lot of people to ease their needs for awhile and small interest are easy for them to recover the debts.
Answer Posted by | Shirly Robart
Answer 47:Yes, payday loans should be banned in all states. I feel this system is designed to show people a "quick fix" to their current debts with flashy text or stories of people getting the money they need right away. They dont illustrate that their easy system has high interest rates attached, and that youll be using subsequent paychecks to pay them back. Youll be counting on your next paycheck to pay your currently due bills, only to see it sent off to payday loan holder just to keep the late fees at bay. In todays economy many people are looking for a quick and easy solution to their debt, in order to end harassing phone calls or threats of being sent to collections, and if a person is desperate enough, and feels they have nothing left to lose, they will do whatever it may take to fulfill their obligations, even if what theyre really doing is making the situation much worse.
Answer Posted by | Jaclyn Neally
Answer 48:YES, YES, YES! I have been hit by the PDL death-spiral and not only is it embarassing, it seems that the companies actually encourage over-use. They share email and contact information between themseleves, try to make the application process as stream-lined as possible and finally, some will deposit money without even contracting the applicant.
In this depressed economy, now should be the time that they are outlawed...
Answer Posted by | julie.stcyr
Answer 49:Pay Day Loans should definitely be banned across the the US. You take out one loan and before you know it, you have 12 and are in a world of debt. I know that from experience. I used them out of desperation, but that led into borrowing from one to pay another off and so on. People that used these preditory places are considered low-life. That is not the case, with todays economy, if money is that easy to borrow, then why not. I don know where they get their money from. In my expereince, a marketing group will call me and tell me that I have been approved and the company that is funding me is XYZ. Majority of them are illegal and charge astronomical interest rates. But once again, being we are desperate, we will pay them. The bottom line is these places need to be shut down,
Answer Posted by | Bayley5
Answer 50:I do belive that payday loans center are out of control. the interstate rate they charge is outragoues. There are some payday loan company that are fair and not out to take your life over just for a payday loan. I belive if the payday companys lowerd there rates then it would not seem like a over kill on how they run there business.
Answer Posted by | JMOLSON98
Answer 51:yes i do this economy is in a bad state right now and alot of us have bills that keep coming that happens but have either lost a job layed off or noone is hireing right now everyone is feeling the pinch. even our family members.i think that they should because its really not a help its just more of a struggle especially if theres no way to pay it back. but there is hope and jesus is the answer .hes the way the truth and the life.
Answer Posted by | geraldine melton
Answer 52:Yes; all payday loans should be banned online and at all walked-in locations across the state. Because you will never miss the money you never had in the first place. With the high interset rates and the insufficient fees your banks will charge you when your account is low and you unable to pay. Will become outrageous and you never have any funds to pay your essential bills.
Answer Posted by | Alice Walter
Answer 53:I believe all payday companys and loans should be banned. We are experiencing an economy that has fallen prey to predtor lender and I think payday loans are in this catorgory. We must learn that these loans have a high interest rate that the average peson would never be able to repay. I understand its the consumers responsibility to know their limits but in the time of distress people make bad choices with people that are fully aware they will not be able to repay the loan. To get to better economic state we must ban ALL payday loans.
Answer Posted by | mont_tatum
Answer 54:yes payday loan should be banned across all state and becauese we apply for that is why , we are member of it As an Agricultural is told and it bebieve. we apperciate your effort which you put in , into this business we are not going back we are moving forward see how best . too hopefully by next year you be seeing our products coming up to the united states . than you will give us your marketing program in your marketing sales in your conutry .
Answer Posted by | mircoagro
Answer 55:I feel that Payday Loans can fill an emergency need, but overall, this "service" encourages people not to live within their means. Furthermore, it creates a vicious cycle of always owing more than you earn. There is no regulation on the percentage rates and fees: which is illegal - its called "usuary".
Most people using this kind of service do not realize that its "loan-sharking" dressed up and it preys on the less knowledgeable and more desperate sector of society.
However, I do NOT endorse banning these businesses "across all states", quoting from your question. It is up to each state to deal with these companies and a blanket ban across all states - which would involve action by the federal government - is inadvisable and not appropriate. States rights prevail.
Answer Posted by | SusanBK
Answer 56:yes, then despirate people like me would not be able to apply. They promise up to 1500 but only give 300 and will give you more then one loan and I have 4 at $90 every two weeks I cant even pay my other bills and cant pay any of them off. I am stuck. I could not get a loan anywhere else and the loans were so easy to get, now I cant even pay my other bills.
Answer Posted by | frankie mcandrew
Answer 57:No, not entirely. I believe they should reduce their fees however. Payday loans have assisted people in making cash available when they are in a financial bind or pinch and the availability of cash helps people who are experiencing delays in receiving their employment checks or income. They have also been very understanding when you cannot pay on the exact date and arrange to pay it a few days later.
Answer Posted by | cklitzke
Answer 58:Absolutely.They prey on those least able to afford them, and leave people even deeper in debt than they would have been if they had never gotten the loan at all. I dont understand how interest of 300% or more could even possibly be legal. The worst thing about these loans is that they can eliminate a persons ability to get another checking account; most of them require post-dated checks which will then bounce if not covered by adequate funds, which puts the debtor even DEEPER in debt! I was a victim myself... and only just recovered, some 10 years after I took out a $300 payday loan!
Answer Posted by | hmdudley
Answer 59:I definetly think pay day loans/title loans should be banned across all of the U.S. It pries on poor people. I feel like these companies are robbing low income/bad credit consumers and making themselves rich. How does it help? It doesn\.It makes poor people become more into debt.The interest rate is so high, it\s difficult to pay off.The companies know it!! Rich get richer, the poor get poorer. We need to bann all of these high interest loans and get more reasonable and honest companies out there to helpand not hurt the low income people.We made mistakes, but we need a rope to climb us out of debt, not make it worse!
Answer Posted by | cindi1245774214
Answer 60:In my state, Arizona, llicensure of payday loans has been required since the year 2000. The citizens of the state, including myself, this past fall voted to revoke such licensure on July 1, 2010.
Ive heard some payday loan supporters say that people want access to these loans, so why shouldnt they be allowed that? Or that people who are poor or with less than perfect credit may not have other resources to get a loan, so such loans should continue to be legal. My response is, we cannot afford to allow businesses, which do more harm than good, to continue to operate in such a way that they destroy individuals financial (not to mention mental/emotional) lives. These businesses actually make people poorer, not better off, through high interest rates and overcollection. The services they provide ultimately comes back to haunt many of the people who use the services, through collections, lost wages, and lost time.
My own experience with payday loans included lost money due to NSFs and finance charges, mental and emotional anguish, wasted time trying to stop the companies from taking more money out of my accounts, and an overall sense of loss of time which could be better spent making money or working at my art or being with loved ones. This is an experience I would like to help other people avoid, if possible.
We are beginning to see more regulation of the mortgage industry, after years of subprime loans and dirty dealings. The case of payday loans is similar. They must be regulated. While I would like to see them banned completely, I do not believe this will happen in every state, unless the federal government gets involved. Too many people and too much money are at stake.
But the citizens of each state should be allowed to decide how these businesses should be handled and if they should be legal or not. I am glad to say my own state will be revoking the licensure of such businesses in 2010. The new Consumer Financial Protection Agency proposed under the Obama administration, if it is voted in by Congress, should look closely at this situation, as well. While a case can be made for too much government involvement in business, when businesses do not deal ethically with their customers, a system should be in place to ensure the consumers have their rights protected. In the case of payday loans, that system should be either revoked licensure, if approved by the people of a particular state, or very strict regulations about how such businesses should operate in the first place.
Answer Posted by | bbm1973
Answer 61:They just should be more fair to consumers and better regualted by states. As die Internet sites they should ALL be banned as most of them are shady operations that think they have power over borrowers lives and finances once a loan is taken out from them.
Internet payday loan operations are able to circumvent law as they can be located anywhere in the world. Most are under an umbrella company and go by many names which is very confusing for borrowers and makes it easier for the PDL companies to take advantage of consumers. Also, other types of scams ans fraudelent activity appears because of PDLs on the Internet, such as false PDL consolidation companies and debt collection agencies that are just out to get ones money rather than charge exorbitant interest like a PDL.
Answer Posted by | Cherssobr2
Answer 62:Yes, I feel that payday loans should be banned. These institutions lay prey to low-income, uneducated, desperate individuals that are unable to get personal loans because of minimum wage jobs. These minimally schooled individuals are just hoping to make ends meet from payday to payday and find themselves deeper in debt and unable to dig their way out. I call them legitimized loan sharks that are conveniently located-in or near the hood!
Answer Posted by | Terry1245862329
Answer 63:Yes, they are horrible!!! They suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck they suck
Answer Posted by | jason meyer
Answer 64:I have seen the actions of these companies up close through some of my former employees. They continually harassed these people at home at work and on their cellphones. This fact was made even worse by the fact that when my employee paid off her balance in full she still received calls from the local office asking if she needed another loan. The gall of these people was amazing. I feel they should be held liable for both the lies their employees tell to prospective clients, and for the harrasment of current and prospective customers. They are no more than loan sharks and they need to be stopped/regulated as harshly as any extortionist out there.
Answer Posted by | Becky Koenig
Answer 65:Yes, the reaccuring interest every 2 weeks is scarey. These companies put more people over the edge. They are not there to help. They just want to suck the life out of you. They are like legal loan sharks. The legal mafia..Now when the Mafia did this stuff many years ago they were put in jail. So what is the difference.
Answer Posted by | nancy1245944021
Answer 66:Yes I do. Why you may ask? Because a lot of people, mostly the majority that use such places, get into financal trouble by go there to try and get out of trouble, or these people are just trying trying to create a larger spending base and dont even try to get out of debt, they think its easy money, why not. Then they are in deep deep trouble and cant get out. I have never used a source of money like these Pay Day LOans. I have enough trouble with money, without creating more.
Answer Posted by | Robert Leonard
Answer 67:absolutly not!! i personally think that payday loans are great for people like myself that need a little help in this world. because we all know that the economy sure isnt going to help us. its only going to get worse before it gets better. and people like us that need a little extra money for emergencies wont be able to get it if they take away the opportunity for us to be able to get the cash to help us out no matter what the need is. and not to mention that the banks are living high on a hog while the so called middle man and the low income families cant even stive in the economy anyway. we live from paycheck to paycheck to make ends meet, taking the risk of loosing everything we have every day. what are we suppose to do when times get to tuff to handle? we sure cant go to the banks for help. no no!! so until then we have to rely on payday loans to help get us by. even if we have to pay a little extra fees to get it.. but sometimes we have to do what we have to do.. thank you so kindly crystal
Answer Posted by | crystal osterhout
Answer 68:I believe that payday loans are harmful to the economy. Also I believe that they can be a useful for some people in certain situation. This system works on peoples financial problems rather than peoples capabitilies to pay. It targets people on desparation and without financial education or without financial experience.
Answer Posted by | Ximena Garcia Schneider
Answer 69:Yes, individuals who think that a payday loan will help them out dont realize that they just make matters worse for themselves when it goes to paying back that loan and then take out another and another and before you know it, you have more than you can afford to pay. If the option isnt there, individuals would need to learn to be more responsible with their finances.
Answer Posted by | Theresa1245958348
Answer 70:Yes payday loans should be banned. They are thribving right now with the crappy economy, and people have become trapped in a visicous circle that never ends. They take advantage of anyone with a checkbook, gibe them more than they can afford, and charge 600% apr. Ridiculous! I myself am trapped in this revolving door. and because those of us with terrible credit can only gget this type of loan, we are screwed. End them now.
Answer Posted by | Sarah Allen