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John Oliver : Predatory Lending

I've used Money Mutual before. I asked for $175 and by the time I was done I paid in excess of $600. I had just lost my job and I was desperate. When I finally got a job, they were taking all this money from me and I highly urge people to just be mindful when going this route.
 
jimmiewine said:
I've used Money Mutual before. I asked for $175 and by the time I was done I paid in excess of $600. I had just lost my job and I was desperate. When I finally got a job, they were taking all this money from me and I highly urge people to just be mindful when going this route.
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:eek::smh::smh:
 
Maxxam said:
:eek::smh::smh:
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DAMNNNNN...see and these entities pray on low income communities all day long...sad shit...turn on the rap rnb stations or times when black shows come on...the commercials target specifically the demographic that watch those shoes and listen to those stations..US!!!
 
I did a titlemax loan once, to raise money to help a friend. Ended up paying it off early and still paid more than what they said it would be. Never again.
 
A little different here, Loan on items(maybe not different, but I havent encountered a payday loan outfit yet). This one guy borrowed about $1,000 against his $40,000 car log-book. He lost that car. 2 other guys I heard about lost land worth over $100,000. This shit is like cancer.
 
:itsawrap:Fell on into that trap many years ago, '96 or so....was juggling 2 or 3 of them bitches!!! It wasn't bad if you could pay it off quickly, $50-$75 to get $400-500. But once you start extending and getting more loans to pay off previous ones:itsawrap:. I readily admit, I was DUMB, no two ways about it. Had to sit down and really figure out the finances so we could get from under that shit. The thing is, they prey on unfortunate and uneducated, and most low income earners are only a paycheck away from being ass-out....these short-term, high finance loans SEEM like a good solution, but are nothing more that loan sharking outfits. People just need to learn to do without for a while, til they can afford to live within their means....
 
850credit said:
I did a titlemax loan once, to raise money to help a friend. Ended up paying it off early and still paid more than what they said it would be. Never again.
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You're a better man than me. There's no way in hell I'd take out a title loan for someone other than my parents.
 
ouruko said:
A little different here, Loan on items(maybe not different, but I haven't encountered a payday loan outfit yet). This one guy borrowed about $1,000 against his $40,000 car log-book. He lost that car. 2 other guys I heard about lost land worth over $100,000. This shit is like cancer.
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He mentions those in the piece, same thing with a different name, all depends on where you live, they don't do that ish here in NY, but the Payday loans are here to stay, a friend got caught up in that loop, f'd up ish is he STILL ended up getting evicted months later!!!:smh:
 
Financial literacy is a huge problem in this country. I still don't understand how people get these types of loans and allow themselves to get fucked over so sums that you should be able to bum off a few friends or family members. Even still, there are so many people who don't understand the way credit works and either opt to not get a credit card or get one, max it out, and don;t pay it off. I've known people who think when they get a credit card it's free money.

Now their credit is fucked. They can't get a credit card or a bank account. Now, when they need money until payday, they use these companies. Instead of borrowing from friends or at worst, getting a cash advance on a credit card(the rates are high as hell for people who are financially literate) but they are still exponentially better than these crooks. These are the same people you see going to these bootleg car dealerships getting auto loans at 29% interest.
 
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Xi Jinping said:
working in the financial industry (but not catering to these clients), i knew about this for quite a while, although i never seen them in NY since they are banned here

http://www.propublica.org/series/debt-inc
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?!?

Bruh, where there's a will, there's a way, READ the story below!

The payday lending operation began when borrowers applied for loans on websites like MyCashNow.com. From there, borrowers’ information was passed to another company, owned by Mr. Brown, that originated the loans. The information then wound up with another company, owned by Mr. Brown, that collected payments from borrowers. To construct the web, prosecutors say, Mr. Brown turned to his lawyer, Ms. Temple, who is accused of offering “false advice.”

The case also shows the lengths that some lenders, scattering their operations across the country, will go to avoid interest rate caps that 15 states have adopted. In New York, where usury laws cap loans at 25 percent, lenders illegally dole out millions of dollars of loans at much higher rates. Interest rates on loans tied to Mr. Brown’s companies, for example, hovered between 350 and 650 percent, prosecutors say. While prosecutors do not know just how much was lent to New Yorkers, one company in Mr. Brown’s syndicate reported that in 2012 it received about $50 million in proceeds from loans made to New York residents.

To choke off that flow of cash, New York authorities have taken aim at lenders, and the banks that enable them to do business. Last August, for example, Benjamin M. Lawsky, the state’s financial regulator, sent letters to 35 online lenders, telling them to “cease and desist” from making loans that violate state usury laws. His office also took aim at the banks that give the lenders crucial access to borrowers, enabling them to automatically withdraw monthly loan payments from borrowers’ checking accounts.

The scrutiny hit close to home in March 2012, prosecutors said, when Eric T. Schneiderman, the New York attorney general, sent a letter to one of Mr. Brown’s companies and to Ms. Temple, reiterating that New York’s usury law applied, even if the lenders operated outside New York.

While the attention unnerved executives at the “payday syndicate,” it did not damp their lending, prosecutors said, because New York was just too profitable to abandon. New York, according to internal company documents, ranked as the third-most-profitable state for the loan companies.

To stay below law enforcement’s radar, prosecutors said, the companies sometimes stopped trying to collect money from certain borrowers in New York. The idea, prosecutors said, was to minimize the onslaught of complaints from New York residents, which were detailed in a chart circulated throughout the company.

In one email authorizing an end to collection from one borrower, Ms. Temple said there was “no need to tweak anyone’s nose.”
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http://dealbook.nytimes.com/2014/08...enders-with-usury/?_php=true&_type=blogs&_r=0
 
simonmarcel said:
Financial literacy is a huge problem in this country. I still don't understand how people get these types of loans and allow themselves to get fucked over so sums that you should be able to bum off a few friends or family members. Even still, there are so many people who don't understand the way credit works and either opt to not get a credit card or get one, max it out, and don;t pay it off. I've known people who think when they get a credit card it's free money.

Now their credit is fucked. They can't get a credit card or a bank account. Now, when they need money until payday, they use these companies. Instead of borrowing from friends or at worst, getting a cash advance on a credit card(the rates are high as hell for people who are financially literate) but they are still exponentially better than these crooks. These are the same people you see going to these bootleg car dealerships getting auto loans at 29% interest.
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+ greed.

we all want something, and we want instant gratification.

no hard work, savings etc..
we want it today. and if someone lets you borrow it. they accept it, without reading the fine print.

and cry about it later.


like rims, and cars..

how many damn new stingray corvetts have they sold? i swear i see 5 a day in the ATL.

they fucking $60,000+ (or about $800-$900 a month).

folks want it, banks will loan it, and niggas will BUY IT.
 
just because i've never seen them doesnt mean they dont exist. im sure these shady companies operate somehow in NY

http://www.dfs.ny.gov/consumer/dangerousloans.htm

Payday loans are illegal in New York State. It is a violation of New York State law to make payday loans in-person, by telephone, or over the Internet. It is also illegal for a debt collector to collect, or attempt to collect, on a payday loan in New York State.
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Xi Jinping said:
just because i've never seen them doesnt mean they dont exist. im sure these shady companies operate somehow in NY
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Absolutely!:yes:

WASN'T disagreeing with you, just pointing out that even if something is illegal, it doesn't stop companies from breaking the law, the crazy ish to me is that, even though in NY state it is ILLEGAL for gas stations to charge a higher fee for gas if you use a credit card, THEY ARE ALLOWED TO DO SO so long as there are signs posted stating the fact (that they are doing something illegal!), I mean, WTF?!?:dunno:

Edit: I just looked it up, gas stations skirt this law by saying they are providing a discount for gas purchased using cash, so they are NOT charging more for credit, instead, they are charging less for cash!:yes::hmm::angry:
 
Man, I'm really disappointed in Montel Williams. You'd think he be the brutha telling you to AVOID THOSE PLACES:angry:
 
What kills me about these thing are the government officials that have stakes in these things and try to pass bills on the sneak tip.
 
daking181 said:
What kills me about these thing are the government officials that have stakes in these things and try to pass bills on the sneak tip.
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the same happens in all other frields too.

only a few who are small get called out about it.


the big boys have whats called "lobbyist" to do their dirty work for them.
so they dont get caught (or its not in the open public).

how you think, big banks, and the oil business does it?
 

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