Cinnamon-man was caught in a bald-faced lie.
Trump Sides With Payday Lenders Preying On Poor In Red States
- Thread starter Cinnabar
- Start date
Cinnamon-man was caught in a bald-faced lie.
But God isn't speaking to you there. That is the output of chemical reactions in the brains of men thousands of years ago having delusions about astral projection and a cloud dad.
Not surprised you share in their dumb.
Just give to the poor and STFU about it. The fact that you believe charity will provide you with return consideration from something that doesn't exist doesn't concern us. Whatever makes you do it, cool.
The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR.
How Payday Loans Work
https://paydayloaninfo.org › facts
How Payday Loans Work
https://paydayloaninfo.org › facts
PoliTalker
Diversity Makes Greatness
Thanks for the link Micawber,
I always wondered how they secure the loans.
Here's how it works:
"Payday loans are short-term cash loans based on the borrower's personal check held for future deposit or on electronic access to the borrower's bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans.
Lenders hold the checks until the borrower’s next payday when loans and the finance charge must be paid in one lump sum. To pay a loan, borrowers can redeem the check by paying the loan with cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period. Some payday lenders also offer longer-term payday instalment loans and request authorization to electronically withdraw multiple payments from the borrower’s bank account, typically due on each pay date. Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs. Rates are higher in states that do not cap the maximum cost."
I always wondered how they secure the loans.
Here's how it works:
"Payday loans are short-term cash loans based on the borrower's personal check held for future deposit or on electronic access to the borrower's bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans.
Lenders hold the checks until the borrower’s next payday when loans and the finance charge must be paid in one lump sum. To pay a loan, borrowers can redeem the check by paying the loan with cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period. Some payday lenders also offer longer-term payday instalment loans and request authorization to electronically withdraw multiple payments from the borrower’s bank account, typically due on each pay date. Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs. Rates are higher in states that do not cap the maximum cost."
PostmodernProphet
fully immersed in faith..
me, you, and everyone else......
???......just the opposite.......I already have the consideration as a free gift from Jesus Christ.......charity (of which I have never spoken despite your silly comment) is not something given to seek return, but the return given in thanks for what's been received.......you atheists are really clueless about religion for people who complain about it so much.......
That is some kind of amazing desperation that results in those contracts. I would not call holding a check from a person in this predicament "security" Another rancid detail are the NSF fees and treble damages or liquidated damage provisions they assuredly write into the K.. These contracts are so adhesive your need a gallon of "goof off" solvent to remove it from your hands.
PoliTalker
Diversity Makes Greatness
Ordinary loans have the lowest interest rates for the borrowers with the highest credit.
The more risk to the loaning institution, the higher the interest rate charged.
Now, I can understand when somebody has maxed out their credit cards (another systematic rip-off scheme,) that banks will be reluctant to loan to them.
So ordinary rates charged to good credit loan customers (6% up to 12%) are not offered to those with poor credit.
It would be understandable for those rates to be higher for poor credit customers. Perhaps double, up to 24%, for short term loans. That would sound reasonable. After all, these payday loaners are getting a post-dated check. If that check bounces, the borrower faces the law for writing bad checks, a strong incentive to make good on it.
And they generally do make good on it.
And THAT is why there are so many payday loan joints around.
Because they are not charging 24% interest.
They could do a good profitable business at 24%, but Noooooooo! They are not satisfied with THAT.
They are greedy. They squeeze their victims for whatever they can get out of them.
It is a case of the rich working over the poor.
It's reprehensible.
No wonder Trump supports it.
The more risk to the loaning institution, the higher the interest rate charged.
Now, I can understand when somebody has maxed out their credit cards (another systematic rip-off scheme,) that banks will be reluctant to loan to them.
So ordinary rates charged to good credit loan customers (6% up to 12%) are not offered to those with poor credit.
It would be understandable for those rates to be higher for poor credit customers. Perhaps double, up to 24%, for short term loans. That would sound reasonable. After all, these payday loaners are getting a post-dated check. If that check bounces, the borrower faces the law for writing bad checks, a strong incentive to make good on it.
And they generally do make good on it.
And THAT is why there are so many payday loan joints around.
Because they are not charging 24% interest.
They could do a good profitable business at 24%, but Noooooooo! They are not satisfied with THAT.
They are greedy. They squeeze their victims for whatever they can get out of them.
It is a case of the rich working over the poor.
It's reprehensible.
No wonder Trump supports it.
If you max out your credit cards, you made some poor decisions and will be forced to suffer the consequences of those poor decisions, Snowflake.
“Life is hard...”
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The poor will always be with you, because there will always be those who make truly horrible life decisions, Snowflake.
Here I am groany phony.
No mea culpa?