Comments on: How "payday" lenders pull off crippling rates
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- The government stopped putting a limit on interest rates, so every lender is now charging usurious rates, including banks.
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- If I tell you, you can borrow $200 but you have to pay me back $400 in two weeks, would you take it?
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- Well, we took their land from them some two hunderd years ago and now they're just taking it back, one payday loan at a time.
Seriously, aren't the terms made clear up front? Can't people read? - Reply to this comment
- i want to know who the other tribes are. I belive I saw my chief for a second. If that is true, I need to withdraw my membership. This is incredibly shameful. Please list the tribes involved.
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- Someone ask Rick Perry why payday lenders run wild in Texas. I live in Dallas btw.
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- I am an advocate for using the mathematically-TRUE, Compound method of expressing the Annual Percentage Rate (CAPR) instead of the current mathematically-UNTRUE Nominal, Simple-Interest APR (SIAPR) listed in the Truth in Lending Act (TILA) of 1968 as: Appendix J (b)(1): the rate for a unit period multiplied by the number of unit periods in a year. The data given does not make sense. If the SIAPR is 476% and the beginning period is two weeks (14 days), then the periodic interest is 18.26%, calculated as (using Excel notations) 476%*14/365/100. That rate is a curious number, so it seems unlikely accurate... although it is within the wide, usual rate of 15% to 35% on a 14-day periods. If the 14-day rate is, indeed, that then the mathematically-True, CAPR is, 7824.78%, calculated as ((((1+(0.1826))^(365/14))-1)*100. That mathematically-true APR (CAPR) of 7825% is astronomically different from the SIAPR. The act should be changed.
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- Again the Republican Party wages its war against the lower and middle classes. These payday lenders prey on the lower class and U.S. uniformed service personnel are a prime target for them. Yet, the Republicans have aligned themselves with the payday lenders and against the American soldier.
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- Some "payday"...for them!
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- Home / News / Opinion / Editorial Columns / The Platform
Payday loan hypocrisy: Missouri GOP forgets example set by Jim Talent
For the Republicans in the Missouri House who continue to block meaningful controls on payday-loan companies, we have a question.
Read more: http://www.stltoday.com/news/opinion/columns/the-platform/article_1da9a4d4-6a05-11e0-aff7-0019bb30f31a.html#ixzz1Z7aHXrf9
Read more: http://www.stltoday.com/news/opinion/columns/the-platform/article_1da9a4d4-6a05-11e0-aff7-0019bb30f31a.html#ixzz1Z7ZitlqB - Reply to this comment
- Madison — Loans secured with auto titles would again be legal in Wisconsin under a proposal adopted Thursday by the Legislature's budget committee that also rolls back other restrictions on payday loans.
The Joint Finance Committee voted without debate 11-5 to add the proposal to the state budget, with all Republicans except Sen. Glenn Grothman (R-West Bend) voting for the proposal and all Democrats voting against it. - Reply to this comment
