Ever taken a payday loan? John Oliver looks at predatory lending

Discussion in 'The Howard Stern Show' started by NotMyBro, Aug 17, 2014.

  1. NotMyBro

    NotMyBro VIP Extreme Gold

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    Damn! What a scam.
     
  2. Reggae Mistress

    Reggae Mistress Old Catcher's Mitt

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    No justice, No peace!
     
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  3. nearly.normal

    nearly.normal Well-Known Member

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    Had to a couple times in college 20 years ago to fix the car... wasnt as outrageous as it is now but it still wasnt pretty.


    Got me by and kept me rollin
     
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  4. NotMyBro

    NotMyBro VIP Extreme Gold

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    1,900% yearly rate!!! [​IMG]
     
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  5. Turkeyneck

    Turkeyneck Howard's got one, not me VIP

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    tried to years ago when I was hurtin'...don't need loans any more.
     
  6. zhukov

    zhukov Time traveler Gold

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    vultures
     
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  7. NotMyBro

    NotMyBro VIP Extreme Gold

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    Just finished watching the whole thing… damn. These scumbags are the lowest form of life on Earth. They're not even human.

    Also, Sarah Silverman makes an appearance near the end :c
     
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  8. SomerSky

    SomerSky Obsessed with what I hate Banned User

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    Thanks for enlightening me to the latest form of financial scumbaggery.....
     
  9. Turkeyneck

    Turkeyneck Howard's got one, not me VIP

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    no shit...this is when I wish karma existed.
     
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  10. HooHoo

    HooHoo Well-Known Member

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    That was last week's episode, no? Anyway I got big respect for Oliver.

    How great was it when they were pointing out the scumbags in charge of regulating and legislating that industry end up also having ownership of the very places they're "regulating". Fuckin wolves in the henhouse. Its as obnoxious as if the head of the FDA owned Phizer, or the head of the FCC owned TimeWarner.
     
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  11. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    These guys running these things are not nice people. They are not good guys. They are looking to stick it to people to put money in their own pockets.

    However, without them a lot of people living on the edge simply lose out and suffer worse consequences. These are loans made to people who are bad risks. The fees and such are the price required to induce people to invest in such risky businesses. A high percentage of people don't pay them back. The interest rates as expressed as APR are high, but the idea is that they are very short term and the fees are most of it. If interest and fees were capped at reasonable levels, the loans would not be made.

    In places where they have banned them they report that some people wind up losing jobs and suffering even more, because if you need $400 to get your car out of the shop so you can work, and can't get a loan, you lose a lot more than a few hundred in fees to these guys. You lose your job. Then you're proper fucked. Or you need $500 for materials to do a job. Without the materials you can't do your job and don't get paid and then you're out of business. It sucks, but life ain't fair and maybe one day Americans will wake up and start learning the value of saving for a rainy day and starting early. Not everyone who needs a loan is at fault, but a lot fewer would need them if we returned to the values of the pre-debt binge days.

    Pawn shops do similar loans. Just secured with the pawned item, which allows them to charge lower interest rates, as the don't lend you much if any more than the item will bring if sold. But for those who don't happen to have assets to pawn, this may be their only alternative.

    Markets sort all this out. Adults who are free should be free to make these agreements if they so choose. It doesn't take a college degree to understand what interest is. My wife doesn't have one and she's an executive in the commercial leasing industry. Treating adults like children will only ensure more child-like adults.

    http://mises.org/freemarket_detail.aspx?control=454
     
    Last edited: Aug 17, 2014
  12. hoochieking

    hoochieking Well-Known Member

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    Notice that all payday loan companies are owned by whites.
     
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  13. hoochieking

    hoochieking Well-Known Member

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    Lol this guy likes payday loans.
     
  14. JJDealer

    JJDealer Well-Known Member

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    There are a bunch of Indian loan companies.
    https://castlepayday.com/
     
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  15. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    You didn't even read the article, did you?

    I have neither made a payday loan nor taken one.

    You know who likes payday loans? People who need the money. People who need $100 today, not $125 two weeks from now, or face ruin or disruption of their lives.

    Sit up in your Ivory tower and fuck things up for people like that. I'm sure it makes you feel great.

    Willfully ignorant is no way to go through life, son. Boy are we lucky we have "the anointed" such as yourself to guide the less elite through life.

    Here's another. Read it, if you don't mind upsetting your know-it-all way of looking at life. http://mises.org/daily/1977

    Then start reading. You have a lot of catching up to do.
    [​IMG]
     
    Last edited: Aug 17, 2014
  16. noname2

    noname2 Well-Known Member Banned User

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    Come to the Detroit area..they are all Arab.
     
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  17. Chimney Portions

    Chimney Portions I drink cum Banned User

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    I had to use one of those places when I was 19. I hated it, but shit came up and rent was due and I was in no position to wait for a better alternative.

    I paid it off a week later and that was the end of it. It saved my ass. Even as a dumb 19 year old, I knew what I was getting myself into.
     
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  18. Beth143nacho

    Beth143nacho Well-Known Member VIP

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    You're supposed to pay it back in a week... That's 50% weekly on avg $300. Expensive, yes. But so is going to the er instead of your pcp...

    It's a mix of people not carig about the consequences and using the loan for the wrong things as well as predatory lending...

    How many of these loans go to actual necessities in life?
     
  19. broccoli rob

    broccoli rob thanks for the memories DW3

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    I like how John Oliver says 'McDonalds' :c
     
  20. Dreamking

    Dreamking The dogs of doom are howlin' low...

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    I think the only industry that makes more dough than "financial services" is oil.
     
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