Should payday loan outlets be regulated?

[Gixxer]

Why? Are you saying we need more laws and regulations to protect stupid ignorant people? Should their be new laws and regulations for the fast food industry industry to stop people from eating garbage food?

They have the choice not to use them if they do its on them and are well aware of the costs involved.

[Atomoa]

A worker can never utilize the value in the products in which he produces - his wage is based on his minimum requirements to sustain life,which is minimum wage (which is debatable).

We all know that there isn't a soul doing anything but struggling on minimum(ish) wage.

Hence - these places exist. They are allowed to exist because the government, who works for business interests and not for your interests, can't ask business to raise wages to make up the difference.

Walmart for example made 21 billion last year, but their workers drew 2.5 billion of poverty programs and health services out of the tax system. Your taxes help support Walmart workforce, otherwise their workers would be homeless, starving or dead.

In addition to this "wage gap vs costs of living", business also has lobbied the government to allow 600% annual interest on loans - mostly meant for the poorest and most vulnerable in our society who fall victim to this poverty cycle.

The "regulation" (insulting) and "existence" of these places are a sure indicator that our society is askew.

In contrast while we have bankers and businessmen looking to HURT humanity for profit - here we have a example of how to end the poverty cycle.

http://news.nationalgeographic.com/news ... peace.html

But then again, so-and-so wouldn't have 500 times the average Canadian if they couldn't charge 600% interest to someone who can't afford to eat.

[Atomoa]

Why? Are you saying we need more laws and regulations to protect stupid ignorant people?

2008 financial world meltdown ring a bell?

It was not "stupid people who didn't know what they were getting into" but instead a organized, knowing system of selling people mortgages and investments they know they couldn't keep/afford but knew they would profit from it anyways.

You have no job and you want to buy a 400K house? You want to mortgage your house 4 times and buy a BMW? (think of the economy - gotta buy buy buy!) Sure!

But that's your fault when the world comes crashing down! (not that I didn't know you couldn't keep up to the payments and not that I didn't lobby the government to allow less regulation and oversight so I can sell toxic loans to people)

I find your comments to be anti-human and go against everything that is good in the world.

[gmeikle]

There is a reason why these customers are not welcome at the banks and need to use these type of places.

and its usually self inflicted.

[matai]

Cash Store charges 23% for a two week loan. Which amounts to like 600% annually.

Then the regulators should regulate.

[Atomoa]

There is a reason why these customers are not welcome at the banks and need to use these type of places.

and its usually self inflicted.

Yeah, it's their fault. Poor people being poor, that is.

It has nothing to do with the huge profits to be made off of keeping people poor, and as this thread shows, profiting from poverty itself.

[gmeikle]

"Yeah, it's their fault. Poor people being poor, that is.

It has nothing to do with the huge profits to be made off of keeping people poor, and as this thread shows, profiting from poverty itself."


Are you offering to lend them YOUR money at low or no interest ? You have a golden opportunity to practice what you preach.

Good on ya if you do.

[jimmy4321]

There are many legit reasons for using these places.
Think they need your banking info so I guess it's a handy thing if your starting a job and need money to cover initial expenses-believe it or not some people are truly broke. I'm Guessing they get a lot of business from out of town tradesmen, truck drivers etc.
It's a last resort thing, convenient , they should keep charging what they charge.
If they lowered their rates more people would use them and still would be getting screwed compared to a normal bank. At least at the rates they charge, most will try to avoid getting in a pinch again.

[mexi cali]

They have the choice not to use them if they do its on them and are well aware of the costs involved.

That's the problem. They should be aware but they aren't and the folks who operate these businesses count on ignorance for their profit.

[Gixxer]

I find your comments to be anti-human and go against everything that is good in the world.

Really, how so?

[delSol97]

I find your comments to be anti-human and go against everything that is good in the world.

How else do you spell out to people that YOU SHOULD NEVER EVER EVER!!! take out short term loans and pay extortion-like interest rates?

All they are doing is digging themselves in to a deeper hole that they will never be able to climb out of.

[Dizzy1]

It has nothing to do with the huge profits to be made off of keeping people poor, and as this thread shows, profiting from poverty itself.

As suggested above ... open up your own business to loan people money for little profit. Might be a good chance to see for yourself why banks won't do anymore business with them and build yourself an empire like Walmart ... remember, they started out with one store.

I find your comments to be anti-human and go against everything that is good in the world.

Kumbaya

[mexi cali]

*removed*

[Dizzy1]

*removed*

[mexi cali]

*removed*