cash advance is predatory lending, what does it take to stop these corporations?
suehatespredatorylenders asked:
I worked inside the industry untill I could not stand it no longer, I seen how bad it was for people to get out, and how meetings were held to think of better ideas to keep customers, get the old ones back in, and keep them stuck it makes me sick, know your rights, if you need help in colorado, call the state att general, or ask.
You think that is the only bloodsucking industry. Look around. It's everywhere. It's the basis for capitalism. And the very thing we worship will be the thing that does us in.
Sorry my dear with all due respect, it's not the corporations that need to be stopped, it's the people who must stop spending what they don't
have and they must change the way they live.
I am not defending them but I share your feeling
and resentment to them but you must understand they they act like the predatory birds who attack
a weak & sickly prey, when they see one and in this case, they're the poor people period.. !
The problem is they are not regulated like mortgage companies and auto lenders. Short term notes can legally carry rates upwards of 2000% (yes 2000) APR. That is pretty much what you are paying at those cash advance places when you do the math.
They exist because there is a need…
It's not legally predatory lending because you aren't getting charged interest, you are getting charged a fee…and they are legally different.
That is why when you have a $12.00 balance on your credit card, and don't pay the minimum payment, they can charge you a $39.00 late fee…b/c it's a fee.
This type of operation only exist because there is a need for it.
If people would be responsible and not spend more then they make, learn to live within their means and pay their bills on time these people would cease to exist.
I do not blame the businesses, I blame the customers.
Hi there!…Ok, I researched this for you…
It's kinda long, so you better check it out yourself…
click here: