California PDL Victims: Check this out!!

Thanks for posting this.. KS !

Jason

This is outrageous. Not only they are robbing people but are also asking that they should tell the Government to allow them to get robbed. :roll:

Awful!!! What better can we expect from these crooks anyways??

[QUOTE=kscornell;696286]This is from the California Labor Federation's weekly blog, and is one more reason why we have to educate, educate, educate about the damage PDL's can do!

The payday lending industry claims to provide an important service to its borrowers, who may have nowhere else to turn for an emergency loan. The problem is those same borrowers, who take out an average of 10 payday loans per year, are charged up to 459% APR. The high fees make it impossible for many borrowers to repay the loans and often they become [URL="http://www.responsiblelending.org/payday-lending/"]trapped in a cycle of debt.[/URL]
As part of effort to reform the financial services industry and expand consumer protection, Congress is currently considering new restrictions on the fees payday lenders can charge. Payday lenders did more than voice their opposition; they actually directed their borrowers to call their Senators to [URL="http://www.latimes.com/business/la-fi-lazarus-20100507,0,1294419.column"]oppose the very protections that would benefit them.[/URL] Senators Feinstein and Boxer quickly noticed the callers were all saying the exact same thing, and a payday-lending industry group ???fessed up that they were behind the calls.[/QUOTE]

OK, I know that I will regret this, but here it goes...

What you are saying is that a multi-billion dollar industry should just roll-over and let the government shut us down which would put approximately 100,000 people out of work and bankrupt thousands directly? All of this to "protect" people by sending them to unlicensed, unregulated lenders online, that happen to be the root of 95+% of the issues that are discussed on this forum?

If you think for one minute that eliminating the legal lenders will eliminate the need/demand for short-term credit, you are sadly mistaken. Don't lose sight of the forest thru the trees.

As I said, have at it...

I posted a news article about this under "PDL news." Unbelieveable how low these outfits will go, isn't it? DebtSamaritan, if these businesses were truly on the up-and-up, why would they need to resort to such tactics as those listed in this thread? What about the people that have taken out the PDLs who've had to declare bankruptcy? You're correct when you say that internet PDLs are a large part of the problem, but from what I've seen, the storefronts aren't exactly willing to change their way of lending to stay in business, so no sympathy from me. JMO, of course.

This is the USA is it not? Our families came here to escape the overbearing government and escape the monarchy,communism and dictatorships all of the other countries faced and had to suffer through. It is our right as AMERICANS to CHOOSE what we want to do. No one or no agency should have the RIGHT to tell any one what to do or make any consumer or business owner do anything. The credit industry in general catches so much heat and recently has been the focal point of the media. Any company that extends credit in America is a horrible company and needs to be "regulated", shut down, or have so much time, money and effort wasted on persuading the easily persuadable average American that all of the finance companies ripped them off. I was raised in the old school when you borrow something you give it back, you work your a$$ off everyday, nothing is handed to you and you will get out what you put in, but now days its the total opposite, you take what you can get for free, do as less as you can and expect to get by and this type of mentality is what causes the problems. The businesses are doing what they are entitled to do provide a service and make a profit, but the lazy people that want to rip off the companies are the ones that make the rates on everything so outrageous, this goes for credit cards, payday loans, home loans, any credit the good pay for the bad otherwise all of the credit extending companies would have been bankrupt along time ago. If more people would take responsibility and fulfill their obligations then things maybe wouldn't be where they are now. But it is damn near impossible for any company to have rights in this country there are already too many state and federal regulatory agencies in place that want to police what everyone is doing when they are doing it. This is America, if you CHOOSE to take out a loan at 1000% interest then so be it, that is your choice as an AMERICAN to do. No one can force you to do anything you don't want to do. There are far worse products out there that cause bodily harm but who cares, lets back up the lazy people that dont bother to read or listen or even care about what they are signing up for when the terms are in BOLD print right under their noses, its not like Guido beat you down and made you take the money.

So let the govenment regulate everything that's what its coming to, soon we will all make the same amount of money regardless of how hard we work or don't work and be wearing white suits and driving the same cars if the consumer safety commission does not deem cars too unsafe for us to drive.