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Re: Baraka, Fulop blast payday loan industry
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Home away from home
 
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2004/2/6 23:13 Last Login : 2021/7/30 1:08 From Jersey City
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its pretty easy to say something like this is bad or exploitative, but at their level they need to propose answers and solutions. or at least look into and investigate the issue.
Posted on: 2016/8/22 14:59
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Re: Baraka, Fulop blast payday loan industry
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Newbie
 
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You can't ask banks to make risky small dollar loans. Instead of looking at banks, it is more realistic to work with employers to make payday loans as they have employment history data to help assess credit worthiness
Posted on: 2016/8/22 13:03
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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You don't seem to understand why payday lenders exist. It is because the people taking loans are irresponsible and unreliable, with atrocious credit. No bank will lend them money because these people will default and force the bank to come chasing after them to get repaid. If you owned a bank and it was your money, you wouldn't want to lend to them either. Doesn't matter what headlines a disingenuous politician wants to make, you can't change this.
Posted on: 2016/8/22 1:43
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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I would love it if all the payday lenders closed, but only if what you are proposing could happen. The average size payday loan is somewhere around $400. No regular bank could make any money on a loan like that and no regular bank would bother. If you take away the payday lenders and leave the poorer neighborhoods with NO useful alternative, all you're doing is giving more business to the illegal loan sharks, who likely charge even more exorbitant interest rates. When people in the lower income community start to get bank accounts and access to low-interest credit cards, perhaps with small charge limits, then the payday lenders and pawn shops would go out of business on their own, which is what I think society would like to see happen (except of course, the owners of the payday lenders and pawn shops) But if you forcibly shut down the payday lenders and pawn shops with no viable alternative, that is doing a disservice to the lower income part of the population and just benefiting illegal loan sharks, something nobody wants to see happen. If you think that simply outlawing payday lending will solve the problem, you live in a fantasy world.
Posted on: 2016/8/22 0:15
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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Posted on: 2016/8/21 23:32
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
Joined:
2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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4192
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payday loans are nothing more then predatory lending with exorbitant interest rates that targets our most vulnerable and desperate ... its far worse then the way casinos target their clientele base because casinos only want your cash while payday loan operators, gamble that you'll be unable to payback your loan and be stuck with a high interest rate for a long time and in debt to them without paying back the capital.
they should be outlawed and banks need to 'step-up' and be regulated to manage small loans to the value of $1000 without offering or pushing customers on credit cards, as they too carry a high interest rate for low income and desperate clients in financial crisis.
Posted on: 2016/8/21 22:52
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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Posted on: 2016/8/21 18:55
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Re: Baraka, Fulop blast payday loan industry
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Just can't stay away
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For some people, payday loans are a godsend. Like anything else in life, including credit cards, they can be abused. I suppose it's too much to ask these two mayors to do their homework. But they could at least take a half hour to hear what people who've studied the topic have to say instead of shooting from the hip to garner headlines. They should start with this:
http://freakonomics.com/podcast/payday-loans/
Posted on: 2016/8/21 16:35
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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They're just pissed that money is going to a private source rather than a bank.
There's so many other steps that could be taken if the citizenry's best interest was the heart of the matter.
Posted on: 2016/8/17 19:42
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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I wouldn't want to use a payday lender, but in some communities payday lenders and pawn shops are a necessarily evil. For some people, it's the only way they can get any type of credit. Exorbitant as their interest rates can be, if you shut them down or put a low cap on the interest rates they can charge, that leaves people in those communities with nothing but illegal loan sharks who charge even more exorbitant interest rates.
You want to shut down the payday lenders and pawn shops, get people who are "unbanked" to open bank accounts. Then the payday lenders and pawn shops will go out of business on their own. No easy feat, I know, but forcing these subprime lenders out of business will only make things worse for the people in the communities they are located, until they can get a real bank account and/or credit card.
Posted on: 2016/8/17 16:43
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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Might I add, the city should not be borrowing for terminal leave. This is something you blasted Healy for, yet you continue to put taxpayers in debt each year.
Posted on: 2016/8/17 14:05
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Re: Baraka, Fulop blast payday loan industry
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Home away from home
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Steve - maybe a better use of your time would be to focus on how to rein in the city's debt and stop piling it on... sure, you don't plan to be here in another eighteen months so I'm sure borrowing for things like your botched handling of the reval are a mere afterthought. But us adults will be stuck with ever bigger budgets and increasing debt loads for years to come, long after you've waltzed off.
Posted on: 2016/8/17 9:02
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Baraka, Fulop blast payday loan industry
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Home away from home
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Baraka, Fulop blast payday loan industry By JERSEY CITY — Mayor Steve Fulop and ally Newark Mayor Ras Baraka are lending their voices to the chorus of Democrats nationwide who are calling for stricter regulations on the payday loan industry. The two mayors have asked the federal Consumer Financial Protection Bureau to "rein in abusive, high-cost payday loans," saying residents of New Jersey's two most populous cities are directly affected by the "potentially damaging" short-term loans. Read more: http://www.nj.com/hudson/index.ssf/20 ... payday_loan_industry.html
Posted on: 2016/8/16 22:47
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