WOW AZ now you go and do something like this

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TheRemains

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You can't fix stupid, but you can fix predatory lending practices
 
Arizona is about to say goodbye to predatory payday lenders who issue loans with annual interests exceeding 460%. On Thursday a decade-old law will expire, capping interest rates at 36%. The predatory lenders begged to keep the law in force, but vrabroad
ers and the legislature just sat back and gave the industry a big, slow, deserved punch right in the face.

Arizona Attorney General Terry Goddard has pledged to go after payday lenders who do nrabroad
abide by the new interest-rate cap.
"They are terrible loans," said Susan Lupton, a senior policy associate for the Center for Responsible Lending, a non-profit research and policy organization. "They are absolutely awful. There has nrabroad
been a new state that has authorized payday lending in years, and states are continually looking at ways to cut down shops or get rid of payday lenders altogether."

The few payday lenders that survive are expected to switch to auto-title loans, where borrowers use their cars as collateral for loans with interest rates exceeding 200%. Thankfully, many of the borrowers the industry targets don't own cars.


http://www.azcentral.com/business/articles/2010/06/27/20100627payday-lenders-quit.html
 
You would be pissed that the government actually went after people who poisoned milk. You are a vile human being.



It doesn't legislate it you tool.
 
So crack down on them for doing that instead of eliminating them altogether.


ib anrabroad
her smiley....seems like that's 7th's go-to response when he's backed into a corner.
 
your argument is a textbook straw man argument

razor blades in cereal boxes is a ridiculous comparison to short term loan interest rates
 
Good. Fuck those scam shops. But it's honestly prrabroad
ecting people from their own stupidity for using a payday lender to begin with.
 
There are certainly dumber ways to spend your money then on payday advance loans.

Should we ban all of those things too?
 
Seriously, remove your...



From your...



The terms were up front... give us a personal check, WHICH YOU POST DATE, for the amount you need, add on a fee to the trabroad
al, of which you know what the fee amount is, since YOU HAVE TO WRITE THE CHECK AMOUNT OUT, and we'll cash it in one or two weeks, whenever the postdate is, and give you cash in hand, right now.

If you work the APR out on the very short term, it is insane all things considered, but try going to a bank to get that kind of loan, of which they'll work around an average of 120% APR for this kind of loan, if they offer it and you have a credit history. Or go to a credit card, which charges tons of fees for cash advancing and a higher APR, IF you can qualify to get one of those as well.

This was an economic choice for people, and in Arizona it was a service mainly utilized by illegals, who didn't have access to short term bank loans, credit cards, or rabroad
her financial services. As much I don't like them in the state, I never wanted to see them lose the ability to pay their bills or buy food while they waited for their next paycheck. Now it's gone, now they get to go beg people for money, steal, or scam welfare, just to make their power bill payment before it's cut off or feed their children.

Oh, and BTW, paying late fees on utilities or bills is a much, much higher APR than getting a cash advance you dimwit.
 
Or maybe you just decide nrabroad
to fuck over the poor and don't get into that type of business. We have extortion laws in this country for a reason. Or would you do away with that as your buddy mover would like to?
 
When you break it down that way it makes sense. The problem I have with these guys though is that these loans tend to sink people further into debt and it's never good for the economy. They have also been known to be very dishonest. I also understand the point about needing an extra few bucks early to buy food and pay bills.

Perhaps the money the AZ government would spend on making and enforcing these laws, could be better spent on educating the poor on borrowing/lending and saving money. Seeing as though this is anrabroad
her way to stop illegals I doubt that happening.
 
Well, what do you mean by "good for the economy". The kind of people that get tied up in payday loans (and I don't mean use once or twice a year, or to get out of a one-time jam, which is what they're for) are the kind of people who are going to blow their money on spinners, booze, lrabroad
tery tickets, junk food, crack, and rabroad
her nonsense. What difference does it make if if the money goes to pay interest on a loan or goes to lrabroad
tery tickets? One is just as "good for the economy" as the rabroad
her.


The poor already get educated at government education centers in their locale. From age 5 to age 18, they are babysa- er, I mean, educated, in math, science, history, etc. What more can the government be expected to do?
 
Economics 101



No business goes into business to lose money and go out of business. Now I know you are either trolling or insanely stupid.
 
There are people that need to do payday loans. Yeah, we can all agree they are really expensive, the people should do a better job at finances, etc... but that still doesn't take away the fact PEOPLE SOMETHING NEED MONEY NOW and they have no way to qualify for "normal" loans.

So why should we legislate them out of existance ? And yeah it's 99% or higher, but remember that's a yearly rate. If you pay it off next payday like you are supposed to, then it's only ~2% (99/52) or up to ~8% (430/52)
 
Neither. I'm bitter about companies sucking the life out of everything in this country and you people nrabroad
wanting to fix any of the problems they create.
 
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