Trump slays seedy payday loan industry

[HenryJames 67116]

 

[SmokeyTheBear 5569]

"Make America Great Again" 

[GhostOfTomJoad 9483]

I'm shocked gif goes here.

[Superhero 8991]

The deplorables need their lottery tickets.

[washparkhorn 9967]

Reformation of the bankrupt bankruptcy system appears to be the most logical fix for many of the main street financial issues flowing from the wake of the Covid financial tsunami.  Both parties are beholden to those make a lot of money from the current system - so that reform will never happen in our lifetimes. 

Getting rid of underwriting requirements for payday loans solves nothing and adds to the insolvency problem many people face. The nation is leaderless on this issue. 

[Ted Lange 16358]

The original Swam thread was the biggest own goal thread ever.  Peak Trumpkin/GOP bullshit
 

[JimmyJames 12271]

Just now, Ted Lange said:

The original Swam thread was the biggest own goal thread ever.  Peak Trumpkin/GOP bullshit
 

I miss that thread. It was pure greatness. Peak Swamy.

[Sbbruin 22082]

I'm not sure there is a shadier business on earth than payday lenders.  This surprises me...

 

 

[Underdog 29104]

Looks like Amy Shumer's got her shit together postpartum. 

[HenryJames 67116]

 

[SydneyCarton 49328]

Just sickening 

[Chooky 13337]

What's your annual rate?

Tree fiddy.

[Nice Guy Eddie 13708]

42 minutes ago, HenryJames said:

 

I don't have a problem that they received a loan. While that program was far from perfect, it was impossible to weed out the good from the bad. The worst part is that these business exist in the first place. 

Eliminating them would definitely cut off some people from access to cash but that isn't a bad thing in this case. Being evicted, getting food from a food bank, or having a car repo-ed is better for 99% of the people that get loans from these payday lenders. 

[DigglerontheHoof 21516]

On 11/24/2020 at 7:09 AM, HenryJames said:

 

350%

[elfenix 34658]

#Stoptheslay

"
The Trump administration is trying to push through a last-minute rule that could force banks to offer loans to gun-makers and oil exploration companies or to finance high-cost payday lenders.
"

https://www.npr.org/2021/01/11/954945486/trump-regulators-rule-would-force-banks-to-lend-to-gun-makers-and-oil-drillers

[BradInATX 9208]

32 minutes ago, elfenix said:

#Stoptheslay

"
The Trump administration is trying to push through a last-minute rule that could force banks to offer loans to gun-makers and oil exploration companies or to finance high-cost payday lenders.
"

https://www.npr.org/2021/01/11/954945486/trump-regulators-rule-would-force-banks-to-lend-to-gun-makers-and-oil-drillers

What's the point of this? It's not going to get through congress and if it's an Executive Order, it's going to be overturned in about a week.

[JimmyJames 12271]

34 minutes ago, elfenix said:

#Stoptheslay

"
The Trump administration is trying to push through a last-minute rule that could force banks to offer loans to gun-makers and oil exploration companies or to finance high-cost payday lenders.
"

https://www.npr.org/2021/01/11/954945486/trump-regulators-rule-would-force-banks-to-lend-to-gun-makers-and-oil-drillers

Swamy’s thread on this on shaggy was a classic but his stance never made a lick of sense. Which I know is shocking. 

[Chad Fuck 18092]

2 minutes ago, BradInATX said:

What's the point of this? It's not going to get through congress and if it's an Executive Order, it's going to be overturned in about a week.

The more shit you throw at the wall, the more the next guy has to clean up.  Maybe some of it will stick for a while. 

I think that's the size of it.

[Chad Fuck 18092]

Just now, JimmyJames said:

Swamy’s thread on this on shaggy was a classic but his stance never made a lick of sense. Which I know is shocking. 

It made total and complete sense.  He hated pay day lenders because he made a bad decision and used a pay day lender and got royally fucked.  And because he was a Republican, his ethos was "Fuck everyone, I'm gettin' mine."  Except there's one HUGE exception:  If it negatively affects me personally, then it must be banninated.  

That's foundational GOP stupid right there.  

Add in that they all thought Trump was the second coming of Jesus, or as close as they'd get, it was wholly unsurprising.  

[TwiceHorn 31991]

Bad reporting on this.

It apparently is a rule being promulgated by the OCC at the behest of its, wait for it, current acting director.

So it's not an EO but it is fairly attributable to Trump.

And, yes, it would seem that the OCC could reverse course easily in the next administration.  Also, making rules like this takes time and the following of procedures that the Trump administration has proven to be exceptionally bad at.  I might guess that this rule is legally stillborn.

[956 Worldwide 35518]

Goblins and jackals, all of them.

As something of a first amendment absolutist, I’m pretty sympathetic to most arguments that business and individuals have a right to their conscience even in the business realm. It’s the rankest hypocrisy to say that it applies to discriminating against gay people and birth control....but not to people who prefer not to finance usury or weapons.

Even more grotesque is comparing drillingn in ANWR to equal access to credit for minorities to buy houses or start a small business. 

[elfenix 34658]

1 hour ago, TwiceHorn said:

Bad reporting on this.

It apparently is a rule being promulgated by the OCC at the behest of its, wait for it, current acting director.

So it's not an EO but it is fairly attributable to Trump.

And, yes, it would seem that the OCC could reverse course easily in the next administration.  Also, making rules like this takes time and the following of procedures that the Trump administration has proven to be exceptionally bad at.  I might guess that this rule is legally stillborn.

how's it bad reporting?

[TwiceHorn 31991]

4 minutes ago, elfenix said:

how's it bad reporting?

The NPR article is actually pretty good.

Others have reported it as though it's just another Executive Order, which it is not.

The public comment period closed this week, I don't think the rule can be finalized before the change in administration.

 

[High Plains Drifter 11162]

2 hours ago, TwiceHorn said:

Bad reporting on this.

It apparently is a rule being promulgated by the OCC at the behest of its, wait for it, current acting director.

So it's not an EO but it is fairly attributable to Trump.

And, yes, it would seem that the OCC could reverse course easily in the next administration.  Also, making rules like this takes time and the following of procedures that the Trump administration has proven to be exceptionally bad at.  I might guess that this rule is legally stillborn.

 

I thought many things that had been pushed through by "acting" ie non- Senate confirmed directors of various agencies had been overturned by federal courts because the Constitution requires the cabinet to be confirmed by the Senate.

IOW, it really doesn't matter, courts will toss it.

 

[Wulaw Horn 19560]

On 11/24/2020 at 7:55 AM, Nice Guy Eddie said:

I don't have a problem that they received a loan. While that program was far from perfect, it was impossible to weed out the good from the bad. The worst part is that these business exist in the first place. 

Eliminating them would definitely cut off some people from access to cash but that isn't a bad thing in this case. Being evicted, getting food from a food bank, or having a car repo-ed is better for 99% of the people that get loans from these payday lenders. 

Curious as to your thought process on this- why in your mind is eviction/repo/food bank better than pay day loans. This isn’t me arguing- I’m looking for a different perspective. I know these guys are sharks and the APR is really high, but the shit your talking about is really bad outcomes that if I were in that situation I’d do pretty much anything to avoid. I know a couple people, personally, who have come out the other end of the pay day or car title deal banged up and bruised but on their feet nonetheless I’m a way they wouldn’t if they’d been evicted or have some other bad outcome happen. 
interested in yours or anyone else’s perspective on that. 

[Nice Guy Eddie 13708]

22 minutes ago, Wulaw Horn said:

Curious as to your thought process on this- why in your mind is eviction/repo/food bank better than pay day loans. This isn’t me arguing- I’m looking for a different perspective. I know these guys are sharks and the APR is really high, but the shit your talking about is really bad outcomes that if I were in that situation I’d do pretty much anything to avoid. I know a couple people, personally, who have come out the other end of the pay day or car title deal banged up and bruised but on their feet nonetheless I’m a way they wouldn’t if they’d been evicted or have some other bad outcome happen. 
interested in yours or anyone else’s perspective on that. 

I don't think that eviction/repo/food bank is an ideal option for people. However these get people back on the road to recovery faster than a payday loan that is built to squeeze any last drop of money out of someone before sending them to the aforementioned eviction or repo. Do you know they can't make these loans to military members? Why isn't this protection extended to all Americans?

I'm sure that a certain percent of people actually get benefit from payday loans. I didn't claim that 100% of borrowers are harmed. It's probably more like 90-95%. 

Payday or car title loans are not just sharks and the APR is really high. These are predators. Anyone that owns or works for these companies in any fashion are pieces of shit. In some way, they're worse than drug dealers. They prey on people, and in some cases can use the threat of jail to collect their "fees" or interest.  

You may know cases where people came out of payday loan offices skipping along to a beat on the path to success. I personally know people that have had their family destroyed by payday loans. Relatives felt obliged to help out family members that owed a significant % of their annual salary and family members had to pony up to keep them out of debtor jail aka county jail. You know their practices include jail, right?

[Wulaw Horn 19560]

9 minutes ago, Nice Guy Eddie said:

I don't think that eviction/repo/food bank is an ideal option for people. However these get people back on the road to recovery faster than a payday loan that is built to squeeze any last drop of money out of someone before sending them to the aforementioned eviction or repo. Do you know they can't make these loans to military members? Why isn't this protection extended to all Americans?

I'm sure that a certain percent of people actually get benefit from payday loans. I didn't claim that 100% of borrowers are harmed. It's probably more like 90-95%. 

Payday or car title loans are not just sharks and the APR is really high. These are predators. Anyone that owns or works for these companies in any fashion are pieces of shit. In some way, they're worse than drug dealers. They prey on people, and in some cases can use the threat of jail to collect their "fees" or interest.  

You may know cases where people came out of payday loan offices skipping along to a beat on the path to success. I personally know people that have had their family destroyed by payday loans. Relatives felt obliged to help out family members that owed a significant % of their annual salary and family members had to pony up to keep them out of debtor jail aka county jail. You know their practices include jail, right?

I knew they were super aggressive but was unaware of possible jail. What’s the process on that?  How is that possible/what’s the rationale?  

[Bama Chick 28596]

I knew they were super aggressive but was unaware of possible jail. What’s the process on that?  How is that possible/what’s the rationale?  

Fire up Netflix and watch the “Dirty Money” episode about payday lenders.

You’ll get all your questions answered and be mad as hell.

[Huckleberry 34407]

Including food bank with eviction and repossession is weird. The only "harm" of getting food from a food bank if you need it is pride. 

[Nice Guy Eddie 13708]

30 minutes ago, Wulaw Horn said:

I knew they were super aggressive but was unaware of possible jail. What’s the process on that?  How is that possible/what’s the rationale?  

Payday lenders require the borrower write a pre-dated check for the entire amount of the loan plus any fees and interest for the period of the loan. They don't cash the check, they only hold it. If you do not return in a certain # of days (usually to extend the loan with new fees tacked on), they cash the check. When the check inevitably bounces, they press charges with the local DA. In effect, our judicial system becomes the leg breaker for this loan shark.

They basically have created a debtor prison system. Could you imagine if your mortgage company requires you to pre-write 360 checks?

Now, borrowers of these loans are stupid, vulnerable and obviously make bad decisions. I fault them too and no one forces them to take this bad loan. I'm not defending their personal choices.

[Wulaw Horn 19560]

6 minutes ago, Nice Guy Eddie said:

Payday lenders require the borrower write a pre-dated check for the entire amount of the loan plus any fees and interest for the period of the loan. They don't cash the check, they only hold it. If you do not return in a certain # of days (usually to extend the loan with new fees tacked on), they cash the check. When the check inevitably bounces, they press charges with the local DA. In effect, our judicial system becomes the leg breaker for this loan shark.

They basically have created a debtor prison system. Could you imagine if your mortgage company requires you to pre-write 360 checks?

Now, borrowers of these loans are stupid, vulnerable and obviously make bad decisions. I fault them too and no one forces them to take this bad loan. I'm not defending their personal choices.

That’s bullshit (government helping out the lenders I mean). I’m ok with onerous lending (not ok- but two adults consenting to a transaction blah blah blah) but the one party shouldn’t be allowed to use the state to imprison the other party. 
thanks for the explanation. 

[BradInATX 9208]

I took a few out for weekend beer money in my early 20s. I made decent enough money but was an idiot with my finances until I turned 30. Nice Guy explains the process pretty well. You have to show them a bunch of paperwork and give them banking info, to prove that you are employed and getting regular checks. Then you write them a postdated check for your next payday. I never overextended and I'd pull out $100-200 and pay it in a week. But I'd stand in line and listen to conversations, most were in Spanish, and the shit people were in would blow my mind. One guy who had borrowed something like $1000 several months prior and had been paying $200 every two weeks just to keep the loan in good standing. He had to have paid $3,000 on a $1,000 loan and still had a principal of... $1,000. Terrible. Even just to pull $200 out for a week would cost me $50 or so in interest.

I stopped doing them once I realized my bank had a paycheck advance function that was basically free once you established a decent financial history (and eventually sucked it up and got ahead of my paychecks). But the people who the payday lenders target don't have that. The people that work there are pretty basic young uneducated minimum-wage type folks who just wanted a paycheck. I don't think they deserve any blame. One of the girls that worked there told me she took loans out herself.

These lenders are beyond predatory and they shouldn't exist. It's the second most indefensible industry our corrupt politicians have allowed to happen behind for-profit prisons. 

Edited January 13, 2021 by BradInATX

[Nice Guy Eddie 13708]

4 minutes ago, Wulaw Horn said:

That’s bullshit (government helping out the lenders I mean). I’m ok with onerous lending (not ok- but two adults consenting to a transaction blah blah blah) but the one party shouldn’t be allowed to use the state to imprison the other party. 
thanks for the explanation. 

you're welcome. The more we can share the shady practices of this industry the better. 

FYI, I believe some jurisdictions have avoided helping payday lenders. I give payday lenders props for coming up with a system to fleece people and get the courts to help them collect. After all, when faced with jail sentences, the borrower probably comes up with money to pay up and cover the court costs of the lender. Hats off when someone comes up with an ingenious idea even when its disgusting.