Suggestions to State Revenue Department on PDL

Where do we go to reply??? Although i've been lucky enough to have never had dealings with pdl's the horror stories i read on here is enough!! It truly amazes me how much they screw people over!
Seems illegal, which it is but most people do NOT know this! SIGHS.
Sign me up,
Ang

Hi Ang,

What can be a better place than this forum (and this thread) to post our suggestions on PDL Regulations? Let us put our suggestions here, and in the process we will find out a way to inform the authority about these.

Another update: NACAA recently awarded University of Florida law Professor Christopher L. Peterson its Consumer Advocate of the Year Award for 2007 for his research on predatory lending.


Cheers to Christopher L. Peterson :D

Number one: LOWER THE INTEREST RATES!!!!!!!
Number two: Limit the amount of times someone can rollover--get away from people paying on the same PDL for years.
Number three: MAKE PAYMENT ARRANGEMENTS!!!!!!

And did I say lower the interest rates?

Hey I just found out today that in the state of Ks, the store fronts will no longer be able to lend to military personnel or their family. I personally wish they would all just not lend to anybody. Monsters!!!

I also think there should be a way to check and see how many loans a person has...most of us got multiple loans and could have continued. I thought my 10 were bad and I have read here about people with more than twice that. If one of them would have said no...it would have forced me to find a different way to handle my debt a lot sooner. They also should be required to list a physical address.

I think there are some databases that are checked for how many outstanding loans you have - because I would get turn downs and that would just make me google for more options. I would like to at the very least see them limit how many loans can be given by the same company. No matter what their AKA is - you know they know when they are hooking you up that you already have a ton with them. Can we say MTE?????

The only database they check to the best of my knowledge is teletrack--and if you're not in it, that's why you can rack up a million PDL's. This does need to change and more control is needed, MPerez is exactly right.

I agree somewhat with Morningstarr.

What if state limits the maximum number of PDLs one can take within a certain period? Alongside, limitation on maximum amount should remain as it is.

It may work something like this: :shock:

Kevin can take 3 loans in 5 or 6 months. In case of the 4th loan, the Kevin will not be legally liable to return. In such a situation, the onus would remain on the lenders to cross check borrower????????s credit history. This might break the PDL trap!

I may sound wild but......... :roll:

Hi Kevin,
It doesn't sound wild to me and it is not a bad suggestion either.

Some states have different databases that they check to see how many loans you have out. But that is only statewide and only storefronts use them. Several states have it in their law that the storefronts must check it and not lend to the consumer if they already have the max amount of loans.

i have 4 pdl and i did close my account there is 2 ican mail money orders to

I think that all the internet loans should be completely outlawed. It makes it way too easy to get some fast cash but unfortunately I think as long as we have the internet, these illegal companies will still find ways to loan money.

Hi Sassnlucy

I can understand your point but you cannot outlaw PDL without finding a popular replacement.

Payday Loan exists not because of the lenders but because of it's need in the market.

What are the options we have that can replace PDL completely!

there is no need for anyone anywhere to pay 400%-740% for anything on this planet,....period!!!


james

Hi James,

It is not about paying 400% to 740% interest. It is the NEED to get that $500 instant cash.

How are you going to fulfill that very need of $500 cash?

It is easy to say that "something is wrong" ???????? but what are the alternatives in worst possible situations!

Think about the big picture. I have needed $500.00 many times, and like a fool I went to the PDL's. Big mistake. I would have rathered survered my bills being late (just a few dollars compared to the PDL's interest), and my credit is not marked for this. You have to be over 60-90 days late on a credit card before it goes to TransUnion,etc. I would have rathered told my landlord, the rent will be late, and by law I know I cant be kicked out for at least 30 days, if even then, and if you are a good person most landlords will work with you. The answer is NOT going to any payday loans, you are just pouring salt into your wounds, trust me. Take this anology: Im in an ocean, alone, scared and drowning. The end is near and I know it, its just a matter of time. Then all of a sudden a pay day loan store comes up with a livesaver to resuce me. No, it will not save your life but it will sink you to the bottom faster and a thousand pound weight. Wave the payday loan store goodbye and wait for the real saver....TIME. The money will come, donkt let anyone fool you into thinking that a quick fix payday loan is the answer, because all who is here understands this 100%.


THANKS,
james

Please don????????t misunderstand me. I am not supporting payday loan. I am very much against this PDL trap. And I am sure that I will never put my socks into it.

But people need money to survive ???????? often in some unexpected situations. We can ask those poor souls to stay within limits but needs know no bounds.

Can we put forward any alternative to this! Good advices do not satisfy our thirst ???????? we need water.

Your water, kevin, is timing and communication to the people you owe. They will work with you or who ever, but you have to do it right away. One does not heap coals upon the head to put out a headacke.


james

Another thing I mentioned in another thread a while back ...is education. I know I didn't know very much about taking care of my financial needs. I still think a credit class should be mandataory in high school..before the first job, first credit card...lets make sure we teach people how to live within their means. Then maybe there wouldn't be so many fianacial "emergencies"?

Hi Morningstarr,
That is really a great Idea. :idea:

I also understand the need people need money to live and in emergency situations you reach for what ever hand is reaching out to you...we obviously all did it...I haven't read any stories about people who took the loans out for vacation or to go shopping at the mall. But ...what did everyone due before the pdls came along???

Hi Morningstarr,

That is another great point :idea: .

I think NEED finds different avenues to satisfy it in different time frame. If you walk back in history, you will surely find the forefathers of PDL ???????? the operational format may be different, but achievements are same.

Yeah I know....in a perfect world we would not need pdls....there needs to be some other option for people to be able to fulfill short term cash needs when they don't have very good credit.

That is exactly my point :lol: . NEED of short tram loan is there in the market and this is the very reason why PDL exists.
Now, what can be the alternatives to it! Let us put some wild suggestions here.

There is no market...the market is imaginary. Dreamed up by predatory lenders making money off of people who don't have it to begin with. The only reason they are in business is because people like us were stupid and bought into their lies. When I look back at how I got into this mess...I could have totally done without that first $300 loan that caused me to wind up getting several more. I know many of you could have done without it as well, now that you have hindsight and a see what problems resulted from it. I think the whole payday loan industry should be done away with completely.

Personally I think there is a market for high risk loans.The Federal government needs to get involved in nationwide regulation just like the regulations on other types of credit.Sass,I do agree with you that internet loans should be illegal as it is too easy to get in debt with no checks & balances.Storefronts should be tightly regulated as to apr,fees,amount lent per consumer and collections.

I agree with you Bulldog...there is a market for high risk loans. But a loan does not roll over and never get paid off. A loan has installment payments that pay down part of the principle with each rendering. A loan does not typically cause you to get more loans because you can't pay your first one. High risk loans should be readily available and highly regulated, but that is not what payday loans are...and they should be done away with completely on the interent.

That was my guest post...I always forget to sign in.

Godzuki I agree that this type of loan needs strict regulation.The only ones losing money and being punished by this loan are the individual consumers.

Yep...we're on the same page, Bulldog. I beleive internet payday loans should be outlawed because the regulation of them is too gray of an area to be enforced everywhere. The lending laws are supposed to protect people, not leave holes for predators to exploit...the internet has made that way too easy. Unless they are completely outlawed, these shady minded individuals will find ways to exploit unknowing and uneducated consumers. Store fronts are different. You have to go by the laws where the store is...that's black and white. The grayness of being in one place and having a loan somewhere else...is too up for debate for these companies to be allowed to operate.

Exactly.
To add to this, I would say that, lenders who are operating from a state where PDL is allowed to offer loan to another state where PDL is banned should be punished more severely.

However, this is what we want but how can we achieve that?