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ripped off

Poplar Bluff, MO

#1 Oct 5, 2008
should missouri ban payday loan companies?
Friend

Kennett, MO

#2 Oct 5, 2008
Thats what they were invented for. Loan you money knowing you can't pay it back just like the loan companies that loan too much to buy a home. They are all rip off companies , Sorry.
hmm

Kennett, MO

#3 Oct 5, 2008
I can see where they are a bad thing but at the same time that's asking ppl to ban a choice in life.It's not mandantory to use them but a choice.You want them banned fine don't go into one.There you banned it,for you but it's there for others that still want the option or the choice to use one.No I don't work for one or ever used one.But just b/c you had a bad go with them doesn't mean someone didn't save their house or car from being repoed.But I know I have been wrong on many occasions.
BigBoy

Poplar Bluff, MO

#4 Oct 5, 2008
I have had 2 or 3 loans with these companies. First of all the interest is INCREDIBLE!! 400-600 %, this is a last resort loan, i would ask my family or friends first if you could. Some of these companies do have shady collection practices, but most deal a fair game, the only catch is most are every 2 weeks and at a incredible cost. My advise would be to not use unless an extreme emergency. But YES i do think that the state should amend the laws or shut them down totally!
Sick

Kennett, MO

#5 Oct 5, 2008
Those places are an everyday scam.Loan citizens money knowing the interests are too high to pay back.The doors should be locked up and the key tossed.Prey on those who are in need,that is about as low as a business can get.Not everyone has good or even great credit to go to a bank for a loan,so basically can't win for losing.
just my opinion

Dexter, MO

#6 Oct 5, 2008
Everyone has a choice and you have to be 18 years of age to get a payday loan, that is considered an adult and as an adult it is up to you to be responsible and to make a decision on using a payday loan or not, in my opinion I would much rather be able to go get a payday loan for $100 and payback maybe $17.00-$20.00 than pay a bank fee of overdraft from $25.00-$30.00 for maybe at $10.00 check if I make a mistake in my checkbook. Also if my paycheck is short for whatever reason and I'm short on my electric bill money I would much rather have electricity as have them shut off my electric. It's nice if you have great credit and can go someplace else with a cheaper interest rate, but some of us can't do that and some of us don't have family members that can afford to help us if for some reason the starter decides to go out on my car on Wednesday and I don't get paid until Friday. If used properly a payday loan can be a big lifesaver, but ultimately it is up to us as adults to be responsible enough to use it properly and when it comes payoff time and you can't afford to just pay it off, to borrow back less so that you can keep knocking it down to get out from under it and also I have heard of lots of people going out and getting several payday loans..now let's be serious here...how can anyone afford to go out and get a bunch of loans and be able to afford to pay them back..you know you don't have the money to pay your bills and pay a bunch of payday loans off when you walk in and get them. I don't know what alot of people would do if there wasn't payday loan places, I guess go back to pawning everything they owned and getting nothing for there stuff.
Pitbull

Salina, KS

#7 Oct 5, 2008
Outlaw them. They're ripoffs.

“Don't wish for it- work for it”

Since: Sep 08

Kennett, MO

#8 Oct 5, 2008
They are being investigated by the Attorney General. I hope they shut them all down, they prey on the poor. It's just a matter of time and they will all be shut down! What they are doing is against the law.
You can file a complaint here.
Jeremiah W.(Jay) Nixon
ATTORNEY GENERAL OF MISSOURI
P.O. Box 861
St. Louis, Mo.
63188
3143407957
Fishstickmick

Louisville, KY

#9 Oct 5, 2008
Pitbull wrote:
Outlaw them. They're ripoffs.
First off no company is forcing you to walk through their doors to take out a loan. It is the individuals own decision whether or not to take out the loan. As far as the collection practices, pay it off and don't bounce it. Then you won't be hounded by them. It's that simple. They are to be used only in emergency situations, not to supplement your income.
Hollywood

Louisville, KY

#10 Oct 5, 2008
Pepper01 wrote:
They are being investigated by the Attorney General. I hope they shut them all down, they prey on the poor. It's just a matter of time and they will all be shut down! What they are doing is against the law.
You can file a complaint here.
Jeremiah W.(Jay) Nixon
ATTORNEY GENERAL OF MISSOURI
P.O. Box 861
St. Louis, Mo.
63188
3143407957
You people have no clue what you are talking about. I don't hear anyone complaining about banks charging $35 for every bounced check plus an overdraft fee or the utility companies charging a hefty fee for re-connection or the credit card companies charging outrageous interest rates. Is this right? This industry does have some very reputable companies who do work with customers with credit counseling and really strives to make sure that the loan is for the amount that the customer can payback based on their income. Their is no "Guido" with a baseball bat looking for those who don't pay.
proud libertarian

Steele, MO

#11 Oct 5, 2008
If you outlaw these businesses, then what is next? I have never used a payday loan and never would. When you go in you have to sign a piece of paper that let's you know the rate you are paying back. So these places are not "rip-offs" The American people need to think! Not just the people going in to aqquire a loan. The people that say these places need to be shut down need to think as well! If you allow the governemnt to shut down these places your place could be next. What about a doughnut shop? A doughnut shop sells food that is extremely fattening. Obesity can leads to lots of health problems. So, should we go after the pastery shops next since they attribute to high health care costs that is taken out of your check every week and goes towards taxes? NO!! NO!! NO!! Be careful how much you allow the government to interfere. The more rope you give them increases your chance to get tripped!
Hollywood

Louisville, KY

#12 Oct 5, 2008
proud libertarian wrote:
If you outlaw these businesses, then what is next? I have never used a payday loan and never would. When you go in you have to sign a piece of paper that let's you know the rate you are paying back. So these places are not "rip-offs" The American people need to think! Not just the people going in to aqquire a loan. The people that say these places need to be shut down need to think as well! If you allow the governemnt to shut down these places your place could be next. What about a doughnut shop? A doughnut shop sells food that is extremely fattening. Obesity can leads to lots of health problems. So, should we go after the pastery shops next since they attribute to high health care costs that is taken out of your check every week and goes towards taxes? NO!! NO!! NO!! Be careful how much you allow the government to interfere. The more rope you give them increases your chance to get tripped!
Totally agree with you here. I actually am a mid-level executive with a very professional lending company that stands in high regard as aleader in the industry. Like Fish said above, we don't drag peope in the doors to make the loans and yes they sign a legal and binding agreement on what they are doiing. All the numbers are bold, black numbers and are explained by the teller conducting the transaction. Like you said. "Who's next to want to be shut down>
True American

New Harmony, IN

#13 Oct 5, 2008
proud libertarian wrote:
If you outlaw these businesses, then what is next? I have never used a payday loan and never would. When you go in you have to sign a piece of paper that let's you know the rate you are paying back. So these places are not "rip-offs" The American people need to think! Not just the people going in to aqquire a loan. The people that say these places need to be shut down need to think as well! If you allow the governemnt to shut down these places your place could be next. What about a doughnut shop? A doughnut shop sells food that is extremely fattening. Obesity can leads to lots of health problems. So, should we go after the pastery shops next since they attribute to high health care costs that is taken out of your check every week and goes towards taxes? NO!! NO!! NO!! Be careful how much you allow the government to interfere. The more rope you give them increases your chance to get tripped!
Next you will want them to legalize marijuana and prostitution!

Me too.
Hollywood

Louisville, KY

#14 Oct 5, 2008
True American wrote:
<quoted text>
Next you will want them to legalize marijuana and prostitution!
Me too.
LOL
proud libertarian

Steele, MO

#15 Oct 5, 2008
True American wrote:
<quoted text>
Next you will want them to legalize marijuana and prostitution!
Me too.
I have no problems with either of the above mentioned topics being legalized. Alcohol is legal and in my personal opinion it is worse than marijuana. Prostitution...as long as they are over 18 and having sex with "john's" or "jane's" that are over the age of 18 I have no problem with prostitution being legal. Remember I am a libertarian ;)
proud libertarian

Steele, MO

#16 Oct 5, 2008
Pepper01 wrote:
They are being investigated by the Attorney General. I hope they shut them all down, they prey on the poor. It's just a matter of time and they will all be shut down! What they are doing is against the law.
You can file a complaint here.
Jeremiah W.(Jay) Nixon
ATTORNEY GENERAL OF MISSOURI
What are they doing that is against the law? Is there something they have done that I am not aware of? It is my understanding that you go in to places like these get a loan for let's say $1,000. Then you have to pay it back with interest. The interest is OUTRAGEOUS and you end up paying back $1,000, an arm, and a leg. You sign a piece of paper saying that you agree to payback the amount plus the interest (an arm, and a leg) in a certain amount of time. Is there anything they are doing other than what I mentioned above? If so.....they are not violating any laws.
What about Rent-To-Own? These places are no different than the sameday/payday loans. You get furniture/appliances and agree to make a weekly/monthly payment until the merchandise you have is paid for. If you look a the bottom line you are paying double than what you would if you went out and bought it. Due to bad credit, low income places like this are handy...but in the end it is really no different.
Look at our current economy controversy the "bailout" crisis. This is happening because people took out subprime mortgages that started out at a low or no interest rate. As the ARM went up their payments went up to more than they imagined, hence they lost their houses. If the current crisis isn't illegal then the same day cash/payday loans are not illegal because unlike the Treasury of the United States they let you know in fine print exactly what your interest rate will be at the time you sign.
Maybe these places should give a test before giving out the loans. To make sure the people trying to get the money, are smart enough to realize what they are doing? Maybe when you call Jay Nixon you should ask for tests to be given before the loan is handed out instead of a mandatory shut down of the business.
caterpillar

Hesston, KS

#17 Oct 5, 2008
Try looking into Dave Ramsey's "debt snowball plan" and being debt free. Awesome program. Takes time and dedication, but the rewards are worth it. As he says, "Live like no one else, so someday, you CAN live like no one else."
local

United States

#18 Oct 6, 2008
Boy are some of you off. Payday loans are one of the MOSSSSSSSSSSST regulated buissinesses around.Next the maximum loan is $500.00 not $1000.00. interest generally (in Missouri) is 12-20%. and as someone above noted..Better than a $25-35 fee for a bounced check. Also if run properly, these buisiness are meant to be short term fixes. Just to get you buy until the next payday if you are in a crunch. And as for taking advantage of the poor actually most payday lenders earn between 26000.00 and 55000.00 a year. For instance teachers, police officers and yes city employees. espsecially (Noranda) workers of factories and many office workers. So just because some people default on their obligations and get on topix and gripe it don't mean they are smart or accurate.

Since: Mar 08

Risco

#19 Oct 6, 2008
caterpillar wrote:
Try looking into Dave Ramsey's "debt snowball plan" and being debt free. Awesome program. Takes time and dedication, but the rewards are worth it. As he says, "Live like no one else, so someday, you CAN live like no one else."
When I read that post I knew it had to be you.
proud libertarian

Steele, MO

#20 Oct 6, 2008
local wrote:
Boy are some of you off. Payday loans are one of the MOSSSSSSSSSSST regulated buissinesses around.Next the maximum loan is $500.00 not $1000.00. interest generally (in Missouri) is 12-20%. and as someone above noted..Better than a $25-35 fee for a bounced check. Also if run properly, these buisiness are meant to be short term fixes. Just to get you buy until the next payday if you are in a crunch. And as for taking advantage of the poor actually most payday lenders earn between 26000.00 and 55000.00 a year. For instance teachers, police officers and yes city employees. espsecially (Noranda) workers of factories and many office workers. So just because some people default on their obligations and get on topix and gripe it don't mean they are smart or accurate.
Thank you for educating us on the facts and figures. Like I stated before I have never taken out a payday loan so I had no clue as to how much you could take out. If the max % you have to pay back is 20% then why are people complaining at all? Some credit cards have a higher rate than 20%!

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