Comments (29) (Please sign in to comment)

1. 

   Dycel said, 4 months ago

   Welcome said the spider to the fly at 400% interest too!
2. 

   braindead08 said, 4 months ago

   Nooooo… They’re just performing a needed service.
3. 

   jack75287 said, 4 months ago

   Gee me and Sargent agree on something!
4. 

   mickey1339 said, 4 months ago

   Yes their fees and interest are high. For someone who needs cash for an emergency they serve a purpose. Most employers will give payroll advances for emergencies (I always did), but if someone was just a bad money manager or ran out of money to party, they could use the payday loans. They do serve a needed function for short term loans that would be unobtainable from your average bank.
5. 

   Radish said, 4 months ago

   Or you could always go to Vinnie…
6. 

   TheTrustedMechanic said, 4 months ago

   I had a guy who worked at a payday advance company ask me if I would fix his car and let him pay me half when he picked it up and half the following Friday. I kid you not. I told him maybe he should find a good payday advance lender.
7. 

   TheTrustedMechanic said, 4 months ago

   Payday advance lenders are heavily regulated and bonded in Michigan. Their fees are fixed and their interest rate is regulated the same as banks. The way they get the bad rep for high interest rates is when you factor in the fee to the interest rate. Why can’t they charge a loan origination fee like banks? When you got your mortgage did you pay any “points” those were in effect and increased interest rate, but banks don’t get nailed for that.
   In my area a bank will charge you $29-$40 plus a daily fee for every day you are overdrawn for EACH overdraft. Three overdrafts for 3 days will easily cost you over $100.00. (that was one expensive latte) So why is it wrong or unfair or predatory for a Payday Lender to charge you less money for a short term advance that will save you overdraft charges? It is a much maligned service industry serving a need and providing a service that people seek willingly.
8. 

   ARodney said, 4 months ago

   Our defense against these sharks, who prey on people who are not financially savvy, is the new Bureau of Consumer Protection. Not having enough votes to kill the BCP by fair means, the Republicans in the senate are blocking the appointment of a director, and threatening to never allow a director until the democrats agree to kill the bureau. It’s a shocking betrayal of the American people to the worst predators in the financial services industry.
9. 

   Donald Williams said, 4 months ago

   @TheTrustedMechanic

   I told him maybe he should find a good payday advance lender.
   -——————————————
   
10. 

    mikefive said, 4 months ago

    @Radish

    Vinnie doesn’t charge as much. The bummer, though, can come in the collection techniques.
11. 

    Tigger said, 4 months ago

    @braindead08

    Preying upon the poor as these outlets do is wrong
12. 

    Tigger said, 4 months ago

    @mickey1339

    This is set up to prey on the poor end of story
13. 

    Tigger said, 4 months ago

    Car Tile Pawn Offices are much worse.
    The idiots in The Car Title Pawn Ads tell us: “I needed Cash fast and I did not want to sell my car.” "So I went to (Insert Car Tile Pawn Company Name) and I got (Insert Thousand Dollar Amount here).

    Idiots are too stupid to realize they sold their car to the Title Pawn Company for a couple Thousand Dollars, They also fail to understand if they do not have their payment in the Business Office of the Tile Pawn Company where they took out the loan by the end of the Office Business Hours on the Due Date, The Title Pawn will come and repossess their vehicle that night, there is zero grace period with Car Tile Pawn Outlets.
14. 

    mdavis4183 said, 4 months ago

    No one forces you to take outy payday loans.
15. 

    bigskyranger said, 4 months ago

    Need a loan to pay for Obamacare?
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