Comments on: “Pay day” loans gouge the desperate http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/ Musings on politics: anti-war, global warming, peak oil and otherwise Sun, 12 Oct 2008 05:36:43 +0000 http://wordpress.org/?v=abc By: DJ http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150368 DJ Wed, 02 Apr 2008 16:08:51 +0000 http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150368 Ben: Is that $15 cap per $100 loaned for a full year? Because if it's for a week, the APR is not 15%, it's 780%. Ben: Is that $15 cap per $100 loaned for a full year? Because if it’s for a week, the APR is not 15%, it’s 780%.

]]> By: Bob Morris http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150361 Bob Morris Wed, 02 Apr 2008 00:53:38 +0000 http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150361 Steve, Yeah, it's getting harder to differentiate between credit card company and pay day loan gouging. Makes you almost wish for the days of Mafia loan sharks who probably would have been embarrassed to charge 900% interest a year (but then their collection techniques were a bit more efficient...) Steve,

Yeah, it’s getting harder to differentiate between credit card company and pay day loan gouging.

Makes you almost wish for the days of Mafia loan sharks who probably would have been embarrassed to charge 900% interest a year (but then their collection techniques were a bit more efficient…)

]]> By: Bob Morris http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150360 Bob Morris Wed, 02 Apr 2008 00:50:22 +0000 http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150360 Ben, one problem is that while IL might say only 15% interest, this does not apply to loans done via websites. Ben,

one problem is that while IL might say only 15% interest, this does not apply to loans done via websites.

]]> By: Steve http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150350 Steve Tue, 01 Apr 2008 22:47:19 +0000 http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150350 Is this any worse than the major banks making a significant part of their profits on all sorts of fees that most affect the poor? Such as $39.00 dollar charge for being 10 cents over your limit. I used to think that payday loans were bad, but according to a 'Reason' magazine article, it's much cheaper to get a payday loan for a few days then a NSF fee when you buy more groceries than you should have. Is this any worse than the major banks making a significant part of their profits on all sorts of fees that most affect the poor? Such as $39.00 dollar charge for being 10 cents over your limit.
I used to think that payday loans were bad, but according to a ‘Reason’ magazine article, it’s much cheaper to get a payday loan for a few days then a NSF fee when you buy more groceries than you should have.

]]> By: John Couzin http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150337 John Couzin Tue, 01 Apr 2008 10:20:43 +0000 http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150337 In the UK, as else where I imagine, legal and illegal loans have always lived side by side. The poor and the desperate usuall only have access to the illegal and the rates charged are at the whim of the lender. Well that's capitalism, isn't it? In the UK, as else where I imagine, legal and illegal loans have always lived side by side. The poor and the desperate usuall only have access to the illegal and the rates charged are at the whim of the lender. Well that’s capitalism, isn’t it?

]]> By: Ben http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150333 Ben Tue, 01 Apr 2008 03:14:08 +0000 http://polizeros.com/2008/03/31/pay-day-loans-gouge-the-desperate/#comment-150333 ??? That's certainly something different than what we have in Illinois where you can only be charged a maximum of $15 for every $100(or 15%). ??? That’s certainly something different than what we have in Illinois where you can only be charged a maximum of $15 for every $100(or 15%).

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