Banning payday loans
Date: Tue, 09/05/2006 - 19:37
There are a few states that have banned pdls and there are sever
There are a few states that have banned pdls and there are several states that have started regulating them on how much interest they can charge. Also, Several states require licenses and from the research alot of us have done, most online pdls are not licensed in the states they are lending to.
YEs, there is legisalation pending in congress to place sever li
YEs, there is legisalation pending in congress to place sever limitations on PDL's...the pentagon has come out in favor of this legislation. There is a article at http://www.washtimes.com/business/20060903-095533-9678r.htm which talks about it. if you do a Google news search for "military Pay Day Loans" there are Several articles on this legislation and the issues surrounding it.
Interesting...it figures that the douchebags would take advantag
Interesting...it figures that the douchebags would take advantage of our military members, who are so vulnerable and make peanuts for salaries. God, they are despicable!
You got that right, kscornell! I can't think of a word bad enou
You got that right, kscornell!
I can't think of a word bad enough for those epizootics of the blowhole!!!!
Youre right. It is a sham how those payday lenders target amd ex
Youre right. It is a sham how those payday lenders target amd exploit people.
Unfortunatly the legislation only applies to store front lenders
Unfortunatly the legislation only applies to store front lenders,not online ones. Furthermore, it only applies to members of the military.
The Payday loan industry has one of the strongest lobbying groups in Washington. So unfortunately they will probably be here awhile.
It is us "little people" who need to be vigilant about them and warn our fellow man of the dangers they present.
Roadwarrior, I couldn't agree with you more. I have read art
Roadwarrior,
I couldn't agree with you more. I have read articles on how easy it is for some military members to get sucked into the trap, as many of us here have been. I think the people on this forum have decided to take a stand against the unreasonable and unethical tactics that online lenders have used to scare us into paying them more money than we already here. I have overpaid some by hundreds even thousdands of dollars according to my state laws. What's done is done. I look at it that I can help those going through a similar situation that I was in a few months ago and maybe warn someone to stay away from payday loan companies all together. I think we have taken a step in the right direction.
I've said it before on this forum and I'll say it again: What we
I've said it before on this forum and I'll say it again: What we ALL need to do is ask our elected officials (and those who want to be) what their position is on predatory and payday loans and HOLD THEM ACCOUNTABLE!!!!!
It would be interesting to see how many states are represented on this forum (I would bet close to 50).
We could start a nationwide movement to get these disgusting lenders out of our country if we all commit to following up with our elected officials.
Awww...thanks!!! But email your elected officials, OK? And join
Awww...thanks!!! But email your elected officials, OK? And join our movement!
No doubt, we need to find out who supportd pdl's and vote them t
No doubt, we need to find out who supportd pdl's and vote them the hell out of office in Nov, as I will....I believe that more likely, Republicans would support them because they are more pro-big business and Democrats would oppose them because they are more consumer friendly.
Anthonym you really need to join the forum, you've made some gre
Anthonym you really need to join the forum, you've made some great points here.
I would like to see the PDL industry be required to take debt co
I would like to see the PDL industry be required to take debt consolidation program proposals. If a person is entering their loans into a consolidation program, the PDL should not get to have a choice about whether or not they will work with the consolidation program; mandatory participation. I don't care if a person gets put on a "list" and can never PDL again, at least they have a way out of the nightmare and without all the threatening phone calls and sleepless nights.
Mocha also makes great points--but I would also like to see othe
Mocha also makes great points--but I would also like to see other alternatives for those of us with lousy credit who were forced into this cycle. There has to be a solution so that PDL's aren't an option...
I honestly believe that they just need to ban Payday loans.
I honestly believe that they just need to ban Payday loans.
For one, - Its a dangerous practice - Payday loans DO NOT
For one,
- Its a dangerous practice
- Payday loans DO NOT help people or solve money problems. It makes the situation worse.
- They go around the system by using out of state banks.
- They go around the system by using out of state banks.