Trump's "consumer protection bureau" will let the $50B payday lending industry gouge the poorest Americans with triple-digit interest rates

Sorry, my comment was disjointed.

I didn’t mean to say they should use pawn shops instead of payday loans. They probably would if they could.

My point was the amount of interest on the loaned amount is super low compared to the payday loans. IIRC ~10% in most states. I am sure part of that is due to the loan being worth less than the collateral, and part due to previous consumer protection laws. But still, the interest rates are insane at the payday loans.


Can we remove a president for malfeasance in office?


Wasserman claimed payday lenders gave poor people “access to capital.”




Payday lenders are scum, pure and simple.


That’s like the beat cop who takes a weekly envelope from the local mob boss claiming that smack dealers give poor people “access to pain killers.”

Any Democrat who takes this industry’s donations instead of exploring non-exploitative solutions for the unbanked might as well cross the aisle over to the GOP.


Burn them out. Literally. Burn. Them. Out.

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Yeah ya know cuz all those people going to payday bloodsuckers are starting new businesses, as opposed to keeping the lights on or maybe just trying to keep a roof over their heads


When was the last time you could go to a bank for a personal loan of a couple hundred dollars to keep your lights from being shut off until your paycheck on next Friday? How much do you think Wells Fargo would charge for this service, and how likely are they going to offer it to someone who can’t afford to pay $5 a month for a checking account or savings account, doesn’t work for an employer who direct deposits, and doesn’t have a minimum balance of $250 already deposited?

Bloodsuckers they may be, but they provide a service nobody else wants to do.

How about we fix society to be better by at the very least providing monetary support for people who have those issues instead of turning it over to fucking payday loan companies?


Because you need to let something valuable that you don’t need. Many people don’t have that. I’ve been looking into this recently because of a tricky financial situation: although pawn shops don’t really exist in France, the closest equivalents (city government banks) tend to be picky.

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