15 Responses to “The Payday Lending Business Model”

1. teslaglobal says:

   August 3, 2011 at 3:49 pm

   If its so bad just loan from them as much as you can then Like most people do just declare yourself benkrupt. thast what I see lots of people do fuck them cause they fucked you.

   Log in to Reply
2. dsteitz1 says:

   August 3, 2011 at 3:49 pm

   well some payday loan companies are decent. i recommend calling 877-271-2850 for a payday loan.

   Log in to Reply
3. unytcommsys says:

   August 3, 2011 at 4:03 pm

   @unytcommsys …. I understand that people can have situations in their life that disrupt their social-economic status. For example a medical situation or a lost of work. These are understandable. However if you’re just going to spend money like an idiot, then I have no bleeding hart for you. First thing you do is downgrade what you don’t need. Most don’t need cable, or that giant SUV. You don’t need Soda or fast food.

   Log in to Reply
4. unytcommsys says:

   August 3, 2011 at 4:31 pm

   I had a credit card before I had a job. If your kid can’t handle the responsibility, then that just shows how underdeveloped they are. I have plenty of cards. All have been paid off; I don’t spend what I don’t have.

   Log in to Reply
5. Flxiblemetro says:

   August 3, 2011 at 4:58 pm

   Why do banks and credit unions give college students unsecured credit cards?.., especially low income students.

   Log in to Reply
6. unytcommsys says:

   August 3, 2011 at 5:35 pm

   Most of the people I see in these videos (PayDay Loan videos) are “white.” An unfortunate SOB is an unfortunately SOB no matter who they are!

   Log in to Reply
7. iren86 says:

   August 3, 2011 at 5:41 pm

   I love your point. Its the same point I have been trying to make, If you can’t pay it back then dont take the fucking loan. Very simple thinking maybe minorities should adapt to this type of thought.

   Log in to Reply
8. bogohoboho says:

   August 3, 2011 at 6:34 pm

   the ohio christian alliance is backing the payday loan industry. bought and paid for.

   Log in to Reply
9. phitau09 says:

   August 3, 2011 at 7:22 pm

   391% apr is all I ever see. How can that be if a person gets charged a flat fee of 15 dollars per 100 dollars they borrow on a 14 day loan, not an annual loan. If you use basic math, that would be 15%. Are people really that dumb??? The majority of those customers are responsible but then you got the idiots who take out 10 loans at a time. Well no wonder they cant pay them back. Dont blame the industry..blame irresponsible people who cant manager their funds. Blame banks who charge daily fees

   Log in to Reply
10. vegaswolf105 says:

    August 3, 2011 at 8:01 pm

    Sounds like the “stimulus” package, give people who can’t afford their house payments money and tell them to go to buy stuff with it…it’s the way of wall street. Take a look at publicly traded payday loan companies and see who provides them with funding…Chase, and other large banking conglomerates. Now you know why nothing but hand slapping will be done. Lesson….stop buying junk you can’t afford. Live within your means…

    Log in to Reply
11. loveitporkchopchop says:

    August 3, 2011 at 8:57 pm

    I believe it takes the consumer to walk in the doors of payday lenders to complete a loan. So why is the industry at fault? Because people are irresponsible? It is utimately the sole responsiblity of the consumer. There are no hidden fees, everything is disclosed at time of loan. Why is the payday lenders fault that you as a consumer have abused the service that is valuable to many? YOU ARE THE ONLY ONE THAT KNOWS WHAT YOU CAN AFFORD.If you cant afford it then why did you take out the 19th loan?

    Log in to Reply
12. Driver515993 says:

    August 3, 2011 at 9:10 pm

    saved you from being irresponsible and BOUNCING three checks !?! hmmmm by the way….the bank fees still would have been cheaper

    Log in to Reply
13. Driver515993 says:

    August 3, 2011 at 9:53 pm

    Thank God your finally here to offer a better solution ! So far the best one I have heard is to shut these places down. Go ahead….whats the solution ….
    6000 jobs that hurt hundreds of thousands across the country…….hmmmm tough decision…I think I’ll still go with the 6000

    Log in to Reply
14. scott575 says:

    August 3, 2011 at 10:33 pm

    hmmm, I noticed that everyone on this video complained but no one actually offered a solution. Also good job in taking a step toward costing 6,000 people their jobs.

    Log in to Reply
15. vaguy78 says:

    August 3, 2011 at 11:08 pm

    I do not subscribe to the belief that it is the role of the government to protect people from making poor financial decisios. All the terms of a payday loan are fully disclosed to the customer.

    Log in to Reply