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2016 Postmortem
Related: About this forumHillary is the Dem's payday loan candidate.
How fitting that DWS shills for payday loan shark banksters. What would the Deep South be without such fine institutions of grift?
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Hillary is the Dem's payday loan candidate. (Original Post)
mhatrw
Mar 2016
OP
I don't think Florida really counts as the deep south. They politically and demographically differ
JonLeibowitz
Mar 2016
#1
JonLeibowitz
(6,282 posts)1. I don't think Florida really counts as the deep south. They politically and demographically differ
stonecutter357
(12,694 posts)2. payday lenders have saved my ass more than one time.
nc4bo
(17,651 posts)4. It's not about the lenders, it's about exorbitant interest rates. They're illegal in NC.
http://www.ncdoj.gov/Consumer/Credit-and-Debt/Payday-Loans.aspx
..and still the snakes sneak and slither to skirt the law:
https://www.samedaypayday.com/North-Carolina-Payday-Loan
Payday Loan Lending Laws in North Carolina
North Carolina has had an ongoing battle for and against payday lending since 1997 when legislation was approved and passed for allowing payday lending in the state. After this payday legislation expired in the year 2001, it became illegal to conduct payday lending in North Carolina. As of 2009, by law payday loans remain prohibited in the state of North Carolina. Lenders in this state must possess a license to deposit checks into someone's account and the state sets a minimum fee for cashing a post-dated check.
So how can you get a payday loan in North Carolina? The process operates much the same way the credit card companies operate. For example, you can live in Georgia and receive a credit card application from a bank in Delaware. In the same way, SameDayPayday will connect you legally to a state that is allowed to provide you with those emergency funds you need.
There are no payday lenders working legally in the state of North Carolina. However, if you think outside the box, there are plenty of payday centers on the World Wide Web. In an internet search early 2009, payday loans North Carolina turned up 1,070,000 hits!
PAYDAY LOANS
Payday loans (also called cash advances) are small, short-term, cash loans. The loans are based on your personal check held for future deposit or electronic access to your bank account.
Payday Loans Are Extremely Expensive
While payday loans may seem like a quick solution to a cash crunch, theyll cost you a lot more in the long run. A payday loan of $100 to $500 can carry an annual interest rate of 390 to 780 percent.
Payday Loans Can Trap You In a Cycle of Debt
Payday loans are due in full on your next payday, typically in two weeks. If you arent able to repay the loan that fast, as most borrowers arent, you can get stuck on a debt treadmill.
This happens when borrowers, unable to repay the loan, take out new loans or rollover the old one. You pay the fees on your loans over and over again, without ever being able to pay off the loan.
Payday Lenders: Shut Down In NC, But Still Victimizing Borrowers Online
Attorney General Roy Cooper helped outlaw storefront payday lenders in North Carolina, but lenders are still using the Internet to offer these loans. Internet payday loans are not legally enforceable in our state, although some Internet lenders who are based overseas or on Indian reservations claim not to be subject to North Carolina law. We are currently fighting online payday lenders in court.
Internet payday loans can bring even more trouble. Consumers who apply for payday loans online may be targeted by crooks who attempt to collect on loans that weren't even made. The risk of collection harassment is high for online payday loans, and more difficult to deal with because the collectors may be unlicensed or located in foreign countries. And once a payday lender has your bank account information, you may find that the only way to keep them from taking your money is to close your account.
Payday loans (also called cash advances) are small, short-term, cash loans. The loans are based on your personal check held for future deposit or electronic access to your bank account.
Payday Loans Are Extremely Expensive
While payday loans may seem like a quick solution to a cash crunch, theyll cost you a lot more in the long run. A payday loan of $100 to $500 can carry an annual interest rate of 390 to 780 percent.
Payday Loans Can Trap You In a Cycle of Debt
Payday loans are due in full on your next payday, typically in two weeks. If you arent able to repay the loan that fast, as most borrowers arent, you can get stuck on a debt treadmill.
This happens when borrowers, unable to repay the loan, take out new loans or rollover the old one. You pay the fees on your loans over and over again, without ever being able to pay off the loan.
Payday Lenders: Shut Down In NC, But Still Victimizing Borrowers Online
Attorney General Roy Cooper helped outlaw storefront payday lenders in North Carolina, but lenders are still using the Internet to offer these loans. Internet payday loans are not legally enforceable in our state, although some Internet lenders who are based overseas or on Indian reservations claim not to be subject to North Carolina law. We are currently fighting online payday lenders in court.
Internet payday loans can bring even more trouble. Consumers who apply for payday loans online may be targeted by crooks who attempt to collect on loans that weren't even made. The risk of collection harassment is high for online payday loans, and more difficult to deal with because the collectors may be unlicensed or located in foreign countries. And once a payday lender has your bank account information, you may find that the only way to keep them from taking your money is to close your account.
..and still the snakes sneak and slither to skirt the law:
https://www.samedaypayday.com/North-Carolina-Payday-Loan
Payday Loan Lending Laws in North Carolina
North Carolina has had an ongoing battle for and against payday lending since 1997 when legislation was approved and passed for allowing payday lending in the state. After this payday legislation expired in the year 2001, it became illegal to conduct payday lending in North Carolina. As of 2009, by law payday loans remain prohibited in the state of North Carolina. Lenders in this state must possess a license to deposit checks into someone's account and the state sets a minimum fee for cashing a post-dated check.
So how can you get a payday loan in North Carolina? The process operates much the same way the credit card companies operate. For example, you can live in Georgia and receive a credit card application from a bank in Delaware. In the same way, SameDayPayday will connect you legally to a state that is allowed to provide you with those emergency funds you need.
There are no payday lenders working legally in the state of North Carolina. However, if you think outside the box, there are plenty of payday centers on the World Wide Web. In an internet search early 2009, payday loans North Carolina turned up 1,070,000 hits!
MichMan
(11,899 posts)3. Give them some competition
I have wondered if here isn't an opportunity for the SEIU or some other organization to open payday loan offices in selected areas.
They could offer market based standard interest rates, still generate profits, and have a venue for communicating their message to a receptive audience. I would think if they offered the same services at let's say 10% interest, they would drive the others out of business, or change their business models substantially.