Tuesday, September 25, 2007

Payday Loan Center Payback (Musical Tribute)

Payday Lending and The Debt Trap: On The Rise In California
The average borrower took out 7 loans from a single lender last year, a 10 percent increase over last year when the average borrower took out 6.4 loans.

Payday lender closing 103 U.S. branches
Thursday, chief executive Ken Compton released a statement about the closures: “The decision to close these centers is in the best interest of our stockholders and does not reflect negatively on the financial strength of our overall business model.”

Of course it doesn't. *wink* *wink* *nudge* *nudge*



You made a fool of me
But them broken dreams have got to end

Hey woman you got the blues
Cause you ain't got no one else to use
There's an open road that leads no where
So just make some miles between here and there
There's a hole in my head where the rain comes in
You took my body and played to win
Ha, ha woman, it's a crying shame
But you ain't got nobody else to blame

6 comments:

Anonymous said...

Let me tell you something alright? Leading up to the time that we had to take out a cash loan, we didn't see anything but negative remarks from others online about the cash loan industry. We ended up almost losing our car because we waited. At the last minute, we borrowed $400 from cashloancity.com and I really believe it is the only thing "at the time" that saved us. I understand that there's a problem with some people abusing this industry and crying about it later, but what about the people that really need it and pay it back on time? We're even getting ready to have a positive mark on our credit because of it. Why are the people that never need this type of loan the same people that keep others from being able to get one?

Stagflationary Mark said...

Why are the people that never need this type of loan the same people that keep others from being able to get one?

You know nothing about me. All you have done is offer me a form letter. Further, someone close to me borrowed $500 from a payday loan center once and was charged $75 for the two week loan. That's over 3,000% annual interest. Is that fair? Should something perhaps be done about it? I'm not suggesting that payday loan centers be wiped off the face of the planet (people do need choices). However, 3,000% interest is beyond ridiculous. I have a lot of sympathy for the borrowers but absolutely none for the lenders.

Payday Loans said...
This comment has been removed by a blog administrator.
Stagflationary Mark said...

Dear payday loans,

What a crock of you know what you are spouting.

I agree that taking out payday loans regularly can be a bad habit to get into, but in times like these it is necassary for a lot of people. As long as these people are paying back their loans on time, the interest rates aren't above normal credit card rates. The 500% rate is for the year, and hopefully if you take out a loan you're planning on paying it back in the time allotted. If you pay it back on time the interest rate is 36%, which is still expensive, but much more reasonable.

What a blatant lie that is. An 18% annual rate on a credit card works out to just 0.75% per two weeks. A 36% rate for two weeks is roughly 48 times more.

I have deleted your payday loan link and your post.

Payday Loans said...
This comment has been removed by a blog administrator.
Stagflationary Mark said...

Payday Loans,

I'll make you a deal. You keep spamming and I'll keep deleting, lol.