This is bugging me

My stand on this issue has always been clear: if you borrowed the money, you should pay back at least what you borrowed. If you feel comfortable NOT paying the state-allowed amount of interest, so be it. But I've always tried to state that this is a personal choice. If a person chooses not to repay an illegal loan, even though they took the loan and used the money, then that's up to them. But I couldn't sleep at night, myself.

I agree with you both, with the exception of loans from Rio or Cash Today. Those two companies deserve to get screwed. Morally it is right to pay back what you borrow, but those two companies have no morals.

Thanks, I do feel better now. And Polly, although I do think that Cash Today is the scum of the earth, I do feel that you should at least pay back what you took. In my case, it was $250, which I paid, even though those douchebags told me I owed $6000.

I agree, kscornell - it's like Rt. 66, who had the b*lls to call me over 2 years after I paid them off and tell me I hadn't paid completely on my $250 loan, and now owed them $4000! They hassled everyone that I work with and even tried to talk to our CEO. I finally got my HR manager and my supervisor involved and they sat down with me waiting for his next call. My HR manager really reamed this guy out. It took about 4 hours, of the switchboard operator hanging up on him, but he finally stopped calling.

I think they should pay them back.

It's not just for moral reasons. There are a couple other reasons I can think of:

1. Payday Loan companies use the "default" rate to justify their high rates. People that don't pay back what they borrow are giving them amunition to stay open.

2. You never know what some rouge judge may say. The company could take you to court, and some judge may order you to pay.

3. You can't ever be accused of fraud or some other crime if you paid back what you borrowed.

Very true, Goudah. But if you just pay what you took, and blow off their ridiculous fees, would that still be considered as a default?
And Suebee, there are no words to describe the contempt I feel for Route 66, Cash Today and other companies like that, who have screwed over so many people in this country. If the new President, whomever he will be, only is able to ban these companies from doing business here, that will be enough to have my vote.

In their eyes, yes, but they they always say that they have to charge high rates because people don't pay them back. If everyone paid them back, they would only be able to say that people don't pay their fees.

Internet based payday lenders who aren't licensed are clearly in the business for a quick, easy profit. They believe they are above the law. I don't think any of them (specifically unlicensed) would lower rates or fees for any reason, especially since they continue to conduct business unlawfully and have from the get go. I do believe however, you should pay back what you borrow. :wink:

Right, I don't think they would lower rates - More like they would lose their argument and be forced to lower rates. This is their main argument against legislation - That they must charge these rates to make a profit.

Very true--but there's a difference as to what kind of profit to make: a fair profit, or one that the oil companies make.