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  • Why does the Gov't let them do this to us? Set APR limits!

    I know first hand the perils of the payday loan woes. I have been in this vicious circle for the last 4 years. I thought it would be a good idea to get a payday advance for christmas one year. Boy..... was I wrong!!!!! Now after 4 years of playing this payday advance game, I had to get one loan to pay the other just to keep my bank account ...
    Posted to The Dismal Science by mtodd913 on August 5, 2009

  • Re: Payday loans

    We are talking about two types of people here (the borrowers and lenders) taking advantage of each other out of irresponsibility, desperation, and greed. I worked for one of these payday lenders for 3 years, and I can tell you first hand - all parties are guilty of encouraging a very, very bad financial situation. I am so tired of hearing about ...
    Posted to The Dismal Science by chewy27 on August 4, 2009

  • It all comes down to responsible customer service...

    I am in the payday loan industry and I see people everyday on both sides. People who use it responsibly and people who borrow and get in too deep from having 6 or 7 around town at different locations. My job as the Branch manager is to inform my customers that I serve so they are aware. Sad to say but not all people take that approach. Payday ...
    Posted to The Dismal Science by greeneyedlady on August 4, 2009

  • Stop the Payday loans

    I think the article is right about people not understanding. However, I got caught in the payday loan cycle myself. It wasn't that I didn't understand but circumstances were such I need a quick $500.00 I went to the payday loan company and took out the loan. The prblem was is do to the economy I found myself like many others living from pay ...
    Posted to The Dismal Science by hippiechicsis on July 27, 2009

  • Payday loans

    As a person who has worked for banks, credit unions, and payday loan places, I can tell you that the majority of payday loans are taken out by people who have no other alternative than to go to one for a loan. These people are often poor, not well educated, and have enough poor credit that they would not qualify for a loan by more normal avenues ...
    Posted to The Dismal Science by caldrumr on July 26, 2009

  • What about the other 90%?

    The testers proposed that the unresponsive 90% needed a 'nudge' away from payday loans. Without payday loans, what is the likelihood that these individuals will 'nudge' themselves into other forms of capitalization anyway? There is always some entity willing to provide money to the desperate, and each is more illicit than the next. If a payday ...
    Posted to The Dismal Science by ft985 on July 23, 2009