Payday lenders likely doomed

Payday lenders likely doomed

There are 32 comments on the DispatchPolitics story from May 15, 2008, titled Payday lenders likely doomed. In it, DispatchPolitics reports that:

If Ohio's 1,600 payday-lending stores want to continue operating past this fall, it appears they will have to find something else to offer besides payday loans.

Join the discussion below, or Read more at DispatchPolitics.

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David

Chattanooga, TN

#24 Aug 4, 2011
I used to work for a subprime lender and it is amazing what it is like behind the scenes. They are intentionally preying off the weak and uneducated. They would work with appraisers who would intentionally raise the value of homes to get the loan approved, they would never do a good job of explaining the hidden fees wrapped up into the loan, they would intentionally talk the borrower into higher interest loans because they would get a personal kickback if they could charge them a higher interest even though the borrower qualified for a lower rate. These check cashing places are criminals. I counted almost 20 of them in a 1 mile radius in a lower income area of nashville, tn. We need to shut these criminals down. They prey off minorities and lower income folks. They know exactly what they are doing and somehow rationalize their evil as if they are doing some good for humanity. Don't let these lobbyists in Washington continue to allow these predatory lenders to exist. We have to fight back by not doing business with them and demand that legislation take place to protect those who don't know what they are doing when they go into these den of thieves businesses.
Enos

Chillicothe, OH

#25 Aug 5, 2011
Doughball wrote:
However, the truth is some of these payday lending customers (not the brightest group, I agree) don't realize the trap they are setting for themselves when they get involved.
Kinda like what the government just did...
Memyself

Grove City, OH

#26 Aug 5, 2011
These payday advance jokers prey on the lower income family.
They know damned well once you get one advance youre going to be even further behind and will HAVE to keep getting the advances.

Close all of these loan sharks down.
Memyself

Grove City, OH

#27 Aug 5, 2011
ICU wrote:
I send my renters there when they can't pay the rent. Seems to work out quite well. I get my rent and the lenders deal with loaning money.
Oh well, I guess I will just have to evict the deadbeats
Do it.
Then they'll learn to budget their money a little better once theyve been evicted a few times and they get sick of it.

They clearly have the money to keep paying the check cashing jokers, so theyd have the money for rent if they didnt get into this sick cycle of pay advances.
You might get your rent a little more often without the hassle if you instead sent your tenants to financial COUNSELING rather than a loan shark.
Memyself

Grove City, OH

#28 Aug 5, 2011
Doughball wrote:
<quoted text>
Point well-made. However, the truth is some of these payday lending customers (not the brightest group, I agree) don't realize the trap they are setting for themselves when they get involved.
Absolutely agree.

17 years ago or so I got ONE advance because I spent more than I should have and back then I didnt have credit.
Next paycheck I realized I was short because I had to pay that damned $95 fee for cashing the check.
Back I go....another $95. Almost $200 for ONE DAMNED MONTH of fees!

Giving that kind of money away its no wonder lower income families get into the cycle and never get out.

What I did when I realized what had happened was to shut down ALL unnecessary spending for two months, pay off that damned loan, get rid of EVERY rent to own thing I had (not much) and when the smoke cleared I was able to pay my bills without getting those advances anymore.

Some people never figure it out and stay in those cycles for years.
you could probably drive down parsons avenue and see the same ones getting cash advances that were there 10 years ago getting them.

I hope they shut them all down.
Memyself

Grove City, OH

#29 Aug 5, 2011
Bring Back Segregation wrote:
It is CHEAPER than the SCAMS PULLED BY BANKS TO GENERATE MAXIMUM OVERDRAFT FEES
if you MORONS don't like payday loan places DON'T USE THEM!!
it's NONE OF YOUR DAMN BUSINESS if some people do use them BY CHOICE
The problem is that MANY of the people who do use them arent smart enough to use them once and never again.
They get into cycles where they CANT break free because they dont make enough money.
At that point its NOT their 'choice' anymore.

See the point?

Why not get a credit card instead?
Much lower cost to use.
Oh, thats right, folks who use these loan sharks are irresponsible and dont HAVE good credit 99.9999% of the time because they blow money faster than they make it.
I know because that USED to be me.

“American gvt is in the bag”

Since: Sep 10

Location hidden

#30 Aug 8, 2011
Well, I for one won't miss them. The surest sign of a declining neighborhood is when one of these appears in the strip mall where you used to shop and have lunch. They're prime targets for robberies, too.
Florida Gator

Cleveland, OH

#32 Aug 8, 2011
Prime targets for robberies? You'd better think again bub. These are well-protected facilities because they are run by Obama's reelection committee to ensure his reelection next year, so ain't no one gon' be robbin' them anytime soon. Think about it.
You got it

Grove City, OH

#33 Aug 8, 2011
All these places are legal loan sharks.

The following are ghetto businesses in my book:

Storefront Cell phone and Pager stores

Corner Carry outs with the focus on beer and cigaretts.
(not ethnic markets or independent full service grocery stores)

Pawn shops.

Jewelry hocks.

And of course Pay Day Loans
Great news

Zanesville, OH

#34 Aug 8, 2011
Good riddance, you opportunistic parasites!
Enos

Chillicothe, OH

#35 Aug 8, 2011
Great news wrote:
Good riddance, you opportunistic parasites!
Just like credit cards, payday lenders can be misused. I had an instance where their interest was cheaper than the consequences (of course, I don't know why you should have to pay to get your own stolen car out of impound...), so I am glad they were there.

If someone misuses something, it's THEIR fault, not the fault of the people who DON'T misuse them.

“American gvt is in the bag”

Since: Sep 10

Location hidden

#36 Aug 9, 2011
Florida Gator wrote:
Prime targets for robberies? You'd better think again bub. These are well-protected facilities because they are run by Obama's reelection committee to ensure his reelection next year, so ain't no one gon' be robbin' them anytime soon. Think about it.
Uhm, think again. Democrats, particularly black democrats and urban community organizers led the fight against them in the last election.

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