WOULD YOU SHARE? What if?
Date: Mon, 01/17/2011 - 20:09
You could share your stories of the horrible way you have fallen prey to illegal online predatory lenders? Would you be willing to explain how this has affected your life, family, frame of mind, financial situation, harassment, etc?
Would you be willing to share your story with the news media?
I would but couldnt give my name etc due to my job
I would but couldnt give my name etc due to my job
But if this is about payday loans, haven't been that road and ho
But if this is about payday loans, haven't been that road and hope not to, sorry, I did not see which forum this was in.
Shazz has made an excellent suggestion! The key to this is to ma
Shazz has made an excellent suggestion! The key to this is to make sure that the comments stay on topic with regards to ILLEGAL INTERNET lenders. Now, before anyone gets anything a a wad, hear me out...
Even though most all of you have had bad experiences with PDL's, not everyone is in the same position. In fact, a vast majority of our customers understand the product and are happy that they have some place to turn for borrowing money. The problem is that the one's that actually vote have never stepped foot in a PDL store, nor are aware of the friends, co-worker, employees, ect that utilize the service and in turn look at the talking points and form an opinion. If they took the time to educate themselves about the industry, they would more than likely have a different view point.
The main issue is the difference between the legal lenders and the illegal internet lenders. In states that have regulations, there are fewer complaints about the licensed lenders as a group compared to just one illegal lender or even one bank! We are very aware of what we do and how we do it. If your government eliminates the industry, either directly by making it illegal or indirectly by placing rate caps or excessive "hoops" that the customer has to jump through, the customer goes to the internet. The demand and need does not go away, but the protections certainly do!
Now, you have been there and had to live thru the hell of dealing with these illegal lenders. Do you want to see someone else be forced into the same situation as you? I would bet that all of you would say "NO"!! People need help to get by today, that is not going to go away, and they need a viable option to borrow money AND be protected. Urge your officials to keep the industry intact with quality regulations that will allow for it to survive and provide the service to the 100's of thousands of customers that appreciate and understand the product. If they close all of the legal lenders, the consumer will only go to the unregulated world of the internet.
One last note, I know this may be falling on deaf ears based on your experience. I am in no way urging any of you to run out and get a PDL, but instead asking for your voice with regards to internet payday loans to be heard. Allow others to learn from your mistakes...
[quote=PDLOwner]The problem is that the one's that actually vote
[quote=PDLOwner]The problem is that the one's that actually vote have never stepped foot in a PDL store, nor are aware of the friends, co-worker, employees, etc that utilize the service[/quote] I think the real problem is that even if people knew about friends/family/etc, they would still vote against PDLs because they wouldn't want anybody else to suffer like their friends/family did with legalized loan sharks. [quote=PDLOwner]In states that have regulations, there are fewer complaints about the licensed lenders as a group[/quote] Perhaps because the "customers" know what is happening is legal and don't bother complaining as they feel nobody can help them/make the situation better? And didn't PDL Stores in a lot of places make signing a letter of support to legislatures that were considering outlawing PDLs mandatory before originating a loan to a customer? [quote=PDLOwner]People need help to get by today, that is not going to go away, and they need a viable option to borrow money AND be protected. [/quote] Why not offer a lower interest rate. What I mean is in some states, PDLs can only charge say 300%, and thats what they charge. In others they are allowed to charge 391% and they do. Why is it that the latter customer gets stiffed another 91%. And viable? What about credit cards? Even the most crazy could be used to cover "short-term emergency expenses" and have fees far less than a PDL. [quote=PDLOwner]but instead asking for your voice with regards to internet payday loans to be heard.[/quote] And how about any other predatory lending? Maybe people should share ALL their experiences so that others know where and where not to turn for help rather than, you know, just helping remove the competition from legalized loan sharks?
[quote]I think the real problem is that even if people knew abou
[quote]I think the real problem is that even if people knew about friends/family/etc, they would still vote against PDLs because they wouldn't want anybody else to suffer like their friends/family did with legalized loan sharks.[/quote]
First, you are showing your biased right out of the gate. In actuality, most people that do not use the industry, do not understand the industry. Most times when they have the opportunity to have it explained in "real" terms and not "agenda" terms, they have one of those light bulb moments. Thier first and usually only question is "why would they pay $15-$22 per hundred? The answer is because no one will offer them credit or they do not feel that the fee is excessive.
Quote:
Perhaps because the "customers" know what is happening is legal and don't bother complaining as they feel nobody can help them/make the situation better? And didn't PDL Stores in a lot of places make signing a letter of support to legislatures that were considering outlawing PDLs mandatory before originating a loan to a customer? |
Or perhaps the 95% of the customers that appreciate the industry have no reason to complain!
Quote:
Why not offer a lower interest rate. What I mean is in some states, PDLs can only charge say 300%, and thats what they charge. In others they are allowed to charge 391% and they do. Why is it that the latter customer gets stiffed another 91%. And viable? What about credit cards? Even the most crazy could be used to cover "short-term emergency expenses" and have fees far less than a PDL. |
The APR is a number that is required by TILA. It creates a misconception on price. I can take the same $100 loan with the same $15 fee and make the APR range from a double digit APR to a quadruple digit APR, but the fee is still $15 on the $100 loan. Look at the cost and not the APR if you want to compare...
Quote:
And how about any other predatory lending? Maybe people should share ALL their experiences so that others know where and where not to turn for help rather than, you know, just helping remove the competition from legalized loan sharks? |
If you are so sure about all of these options, list them. You will come up with friends (How many of your friends would loan you $300?), family (See friends.) and credit unions (Yep, they do with subsidies from others!). There is a reason that people utilize the service and taking away regulator protections will not make it go away.
This isn't a debate about Store front lenders or interest rates,
This isn't a debate about Store front lenders or interest rates, please stay on topic, I am referring to Internet Lenders.
Quote:And how about any other predatory lending? Maybe people sh
Quote:
And how about any other predatory lending? Maybe people should share ALL their experiences so that others know where and where not to turn for help rather than, you know, just helping remove the competition from legalized loan sharks? |
Because I am attempting to get a well know news media to investigate online Internet lending, but if you are interested in debating the legal system in regards to payday lending in general, feel free to start a topic. :)