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TexasTowelie

(123,612 posts)

7. Another set of dirty little secrets.

Thu Jun 2, 2016, 06:45 AM

Jun 2016

Those payday loan companies come after you several years after you have paid your debt to try and collect again.

I'm still pestered with phone calls claiming that I debts from a company that I paid out the loan in 2008. If you take out any payday loans keep your paperwork forever.

Another company claims that I took out an online payday loan in 2012 when I left my job in 2010, moved away from the address listed, and also closed the bank account where I had the funds deposited.

Finally, keep in mind that most employees that work at payday loan companies aren't the brightest and don't expect to be working at the company for a long period of time so they can be shoddy with their record keeping and prone to make mistakes since they know that they are not likely to be around long enough to suffer any repercussions for their clerical errors.

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Highlight:

Payday Borrowing’s Debt Spiral to Be Curtailed [View all] TexasTowelie Jun 2016 OP

DNC Chair Joins GOP Attack On Elizabeth Warren’s Agency Omaha Steve Jun 2016 #1

Is DWS in exit strategy mode, helping out new friends? Babel_17 Jun 2016 #31

Good news. truthisfreedom Jun 2016 #2

Why hasn't Clinton demanded Debbie step down after DWS tried to gut this bill? Android3.14 Jun 2016 #3

Plus won! Enthusiast Jun 2016 #14

Hear, hear! ananda Jun 2016 #19

Can't agree with you enough Stryst Jun 2016 #29

Dirty little secret. Fuddnik Jun 2016 #4

Another set of dirty little secrets. TexasTowelie Jun 2016 #7

Thanks for sharing this. I had no idea it's the gift that just keeps on giving. /nt trudyco Jun 2016 #34

They need to shut the SOBs down in ALL states ReRe Jun 2016 #5

There is an excellent proposal for the post office Warren Stupidity Jun 2016 #8

You're kidding me. ReRe Jun 2016 #9

yes, I remember Mrs. Warren and was it Obama? mentioned post office banks..but I think Congress Sunlei Jun 2016 #15

I've seen neither endorsement for nor against postal banking by Clinton. LanternWaste Jun 2016 #37

K & R. Thanks for posting. Surya Gayatri Jun 2016 #6

To say that these rules... sendero Jun 2016 #10

I'll believe it when I see it indivisibleman Jun 2016 #11

That's because the people that use payday loans on a frequent basis TexasTowelie Jun 2016 #13

It works more like this: indivisibleman Jun 2016 #41

In that case TexasTowelie Jun 2016 #42

True indivisibleman Jun 2016 #45

Payday loans aren’t the problem. The problem is poverty. jtuck004 Jun 2016 #12

Preying on the poor is one thing that helps make people poor Kelvin Mace Jun 2016 #17

great graphic! thanks jtuck /nt trudyco Jun 2016 #35

lend interest rate should be capped at whatever rate people with savings accounts receive. Sunlei Jun 2016 #16

All interest rates should be capped at 18% Kelvin Mace Jun 2016 #18

good point. Even 18% is a fabulous profit, especially on 'front loaded' loans- loan sharks use. Sunlei Jun 2016 #20

If that were the case the businesses would not exist TexasTowelie Jun 2016 #22

Then a "loan shark" becomes a pawn shop again. Sunlei Jun 2016 #23

So, triple digit ruinous usury Kelvin Mace Jun 2016 #24

I never said that interest rates that high were fine because the rates are predatory TexasTowelie Jun 2016 #30

That isn't possible TexasTowelie Jun 2016 #21

at 9% a front loaded loan is a fabulous profit for a loan shark. Banks 'take' 2% off the top of Sunlei Jun 2016 #25

Perhaps you need to bank with someone else besides Chase bank then? TexasTowelie Jun 2016 #32

I don't want to carry cash either. You're lucky to be close to a bank and have a 'safe' ATM. Sunlei Jun 2016 #33

Why not use a credit union? There are still a lot of those. trudyco Jun 2016 #36

DWS is having a sad today. Baitball Blogger Jun 2016 #26

Just making more hoops for the employees to jump through to verify a borrowers financial situation brewens Jun 2016 #27

search "payday loan", they scam people online- 4,710,000 results, people don't have to walk in. Sunlei Jun 2016 #28

I agree with some here trudyco Jun 2016 #38

Why not create competition and run them out of business? MichMan Jun 2016 #39

I'd like to see some flat-rate Islamic-style banking but you know the person who... Shandris Jun 2016 #40

How about telephone solicitation? bonemachine Jun 2016 #43

I've been receiving those phone calls also, TexasTowelie Jun 2016 #44