Your Turn
The US Postal Service says they want to start offering payday loans. I'm not sure that is a business they need to get into. Have you ever got a payday loan? How long did it take you to pay it off?
Subscribe to:
Post Comments
(
Atom
)
Advertisements
Popular Posts from the last 30 days
-
December 13, 2024 Other than up and comers which she would never wear, there are no big designers/companies that are willing to dress the al...
-
November 22, 2024 There is a recording of a former late night host up for sale. There is a preview clip available on the dark web. It is onl...
-
Do you remember back in the day when this A list actress got all the attention for her dress with the big slit in it? Yeah. With her thirsty...
-
This A list singer/horrible actor got word he was going to be served a lawsuit, which is why he bailed on a concert.
-
This married A list actress is an Oscar winner/nominee. The married man she is having an affair with has a wife who reads a lot of gossip, s...
-
August 5, 2014 Apparently if you are willing to devote yourself to the kink of a very rich old man you can make a lot of money. The escort i...
-
The alliterate one is being accused of plagiarizing nearly her entire site that has been shut down. She just stole tips from various magazin...
-
November 22, 2024 Left unsaid by this foreign born A- list actress with the big movie released this week is how she screwed over the produce...
-
December 13, 2024 I don't think the A- list singer/actress knew there would be such a pushback against her soon to be husband and just h...
-
December 4, 2024 Even if the whistleblower gets a pardon, he will have to remain where he is. He knows too much. He won't ever escape. H...
No. These places should be ashamed of themselves, taking advantage of people. That's why I make my kids work and save money.
ReplyDeleteLoans? Those are for peasants.
ReplyDeletea small one years ago and had trouble paying it back so I had to get the money from my dad to pay it and he yelled at me (in the loan store!) and the whole process was pointless
ReplyDeleteNo that's what bank accounts are for.
ReplyDeleteWhat is that? I have heard of it in a commercial before but never knew what it actually is.
ReplyDeletethat's exactly what we need now is for the US Postal service to start loaning money........haha
ReplyDeleteI love it when the government finds more and more ways to intrude and co-opt....
The reason this is being considered is because banks refuse to do business with the poor. They do not see any profit in helping them. So if they get paid by check, the must cash their check at one of these businesses and pay the outrageous fees. The typical poor family spends 10% of their annual family budget on financial fees. That is as much as they spend on food in a year. Meanwhile, these predatory lenders are protected by people like Darrel Issa (R-CA) who receives a LOT of money from them to do so.
ReplyDeleteExactly. And let us not even get into the factt hat banks keep raising these fees on one side, while upping rewards on the other side to give wealthy people free stuff for being wealthy. So we all get to pay more so rich folk get perks.
DeleteTell it, CC! I have always assumed that these places are predatory lenders. If you watch the very small print on the bottom of the screen for that Blue Sky (some kind of Native American lending scheme) it says the interest can be as high as 113%. I'm not sure how that's even legal, and at the very least it's preying on the needy.
DeleteA cash-strapped agency wants to get into the payday loan business? Yeah, that sounds like a genius idea; what could possibly go wrong?
ReplyDelete@cc423 do you know how much they are gonna charge customers for this service?
ReplyDelete450-850% and it's legal..cough..govt. just wants a cut
DeletePreach it, @cc423!
ReplyDeleteThe interest rates alone on payday loans can reach up 40% in some areas. Some states have laws in place that cap the interest rates, but the payday loan places go around that by instituting per-day fees on top of the percentage rates. But hey, who cares? Let 'em (stale) cake while we give fat cats huge tax dividends.
Maybe poke around and find the story rather than commenting on the false premise 'Enty' presented?
ReplyDeletehttp://thinkprogress.org/economy/2014/02/03/3239261/elizabeth-warren-post-office-financial-services/
These things are the devils doing. You never get caught up.
ReplyDeleteI think the point of the payday loan service is to keep folks away from the uncouth practices currently employed. Of course Republicans are up in arms, after they broke the Constitutionally mandated org with ridiculous pension payments, and the areas that cost most to deliver to are publican strongholds, they will now find anyone else to revisionally blame it on. Standard mo.
ReplyDeleteI've never done one, thank god, but I don't understand - what collateral does the recipient provide in advance?
ReplyDeletePost Office isn't actually cash strapped. By act of Congress they had to make huge payments the past few years, to fund their pensiona and health insurance. I think last year was the last one, so with all the lay offs, shut downs, and price increases, they should be flush with cash.
ReplyDeleteFact chick this, but that is how I remember reading it.
I read this as " fat chick this " the first pass
DeleteI have never gotten one, that commercial with the Native American lady with braids scares the bejeezus out of me
ReplyDeleteFor the FY that ended September 30, 2012, they had a $15 billion dollar loss, triple what they recorded the prior year. I'd be astonished if they miraculously recovered from that in seventeen months, especially given that they haven't even instituted long-overdue service cuts.
ReplyDeleteAnd fuck up your credit rating? Um..pass. I'm debt free, make a decent living, have good credit and and intend to keep it that way.
ReplyDeleteWhat kind of vig is the post office looking for?
ReplyDeleteThe Post Office is limited by Congress on ways to make money…
ReplyDeleteI've never had one, but the rates here in my area start at around 78% annual interest.
ReplyDeleteIf I get one of their loans, can I pay them back with those Forever stamps?
The only reason the USPS is so strapped is because of the ridiculous requirement that the fund pensions 70+ years into the future. It's a ploy to get the USPS privatized, which means someone's pockets would get lined and prices would most certainly go up.
ReplyDeleteUSPS as predatory payday lender? No way. Warren's actual idea, I could get behind: Elizabeth Warren Proposes Replacing Payday Lenders With The Post Office
No, the Post Office is not proposing that it start making payday loans. Rather, Elizabeth Warren is proposing that they provide some basic services such as check cashing, small international money transfers, small loans, reloadable prepaid cards, and bill paying.
ReplyDeleteI love that someone used the word "vig". Lawrence Block would be so proud
ReplyDeleteIf this is so, what I wonder about is what will transpire if someone defaults on the loan. The collection methods or repercussions. That would be interesting. I think the Post Office should stay on the horse and deliver the mail.
ReplyDeletePay Day loans are the debbil.
ReplyDeleteGives new meaning to "The check is in the mail."
ReplyDelete*whompwhomp*
Lol, Alicia. When I read "fat chick this" all I could think of is Roseanne grabbing her crotch after singing the National Anthem.
ReplyDeleteI live in MA and payday loans are illegal here. Errrr, so is the USPS getting into usury now?! Just deliver my goddamn magazines on time for once.
ReplyDeleteNo, but I've taken direct deposit advances before. Never again.
ReplyDelete