Easy Way to get a Cash Loans

[IamOld]

Jess, may I ask how recent the loans were that you discharged?

[AngelinaCat]

Payday loans are for suckers who will NOT learn. See this thread regarding a person about to lose her home:

http://www.bkforum.com/showthread.php?72957-More-banks-may-offer-payday-loans

And, yes, I agree with JB, if not for Des asking that this thread not be closed, or removed, I would have done it, too.

Fellow Reader: Don't YOU be the sucker that falls for this rubbish!

[JessMN]

Jess, may I ask how recent the loans were that you discharged?

Most of them were at least a year old that I had defaulted on, but one was very recent, actually renewed the week before I filed (and yes I know this would be considered fraud, but luckily no one said a word). I expressed concern to my lawyer and he said not to give it a second thought, they are bloodsuckers lol

[Pandora]

Off shore payday loans. Hmmm, let's see, collateral? Your name, address, SS#, bank routing number, signature, and IDENTITY!

Hey - you mean I didnt really win that Nigerian lottery of $600 Million dollars?!

[IamOld]

Most of them were at least a year old that I had defaulted on, but one was very recent, actually renewed the week before I filed (and yes I know this would be considered fraud, but luckily no one said a word). I expressed concern to my lawyer and he said not to give it a second thought, they are bloodsuckers lol

Thanks Jess!!!! Well as I've confessed here, I too will be doing the same...I was told by the way, that the worst thing that can happen with a newer loan is that you have to pay it back. But like you said, most of these outfits made their money on your first and second payment!

So glad to hear all turned out well for you!!!!

[IamOld]

Hey - you mean I didnt really win that Nigerian lottery of $600 Million dollars?!

Or from Mr. Sir Braxton R Hughes of the Bank of England. Blimey.

[Pandora]

Oh man - and here I perfected my "beauty pagent / queen of England" wave so that I could wave to the subjects! ROFL!

[IamOld]

Oh man - and here I perfected my "beauty pagent / queen of England" wave so that I could wave to the subjects! ROFL!

:-) Blimey - again :-)

[mlsj2009]

Here is a blog on the same subject I took off the internet at: http://www.bankruptcyhome.com/bankru...ay-loan-legal/

Is a Payday Loan Legal?

A payday loan, also called a paycheck advance, is a small short-term loan that is intended to cover a borrower's expenses until his or her next payday. Depending on which state you live in the United States, some payday loans are restricted by the amount of interest they can charge and others are illegal altogether.

With current pressure mounting from Washington DC, many states are clamping down on payday loans and their usurious applications. Banks across the country have been making millions on these type of loans for years.

Opposition on payday loans make some of these assertions against the practice:
They drain money from low-income communities. Although many normal-income people take out these kinds of loans, the most people who use them are from low-income groups. These people are not usually able to secure normal, lower-interest-rate forms of credit.

Offering the loans often exploits financial hardships of others for profit. Opponents say lenders target the young and the poor, particularly those near military bases and in low-income communities.

Lenders are using aggressive advertising practices to sell their product. Some lenders have been placing ads on Facebook and social network sites which violates some advertising regulations.

Aggressive collection practices often accompany these types of loans. Some banks have been accused of threatening borrowers with criminal prosecution for writing illegal post-dated checks to cover their loan, but they take the checks anyway.

Many payday loan banks are ignoring legal restrictions. Some payday lenders are stretching the limits of the law by ignoring usury limits and charging higher amounts. Many state civil cases prove the point.

The pricing structure of payday loans is significantly lower than a standard loan, yet interest rates are higher. Payday lenders are accused of doing little credit background checks than what larger banks do when making a normal loan. The time line is shorter for the pay back and payments are few. All of these add up to a less expensive loan, making payday loans appear much more predatory.

In many states around the country, the opponents of payday loans are winning their case causing stiffer state regulations on usury practices, but these new laws are not keeping the banks from being creative. Several of the major banks have recently started to offer a new product similar to payday loans but one that concurs with the new laws.

Instead of charging interest on a payday loan, they charge a flat fee per $100 of loan value. For example, if a person borrows $100 and the fee is $7.50 for the advance, that fee equates to 261% per year on the banks investment. That may not equal some of the usurious charges of over 400% per year for some payday loans, but you still might call the fee usurious. To top it off and make it 100% legal, the banks do not even call the new loan a payday loan.

It use to be banks were your friendly neighbors providing a service of holding your cash for a modest fee. You did not get a loan from the bank in those days without a sound history of being able to pay back a loan and the ability to secure it. In today's banking world, you don't need credit to get an unsecured loan, and the banks don't mind taking the last dollar you have as you are forced to walk out the door and live in the streets.

[justbroke]

The mob is more honest.

That is probably why the Payday loan companies tried to model the Mob loan business. However, you know what you're getting from the Mob and what will happen to you if you don't repay. With Payday loan companies, they use intimidation, threats, and pure extortion.

It's like an old question I've heard. I modified it a little for this particular topic.

Q; Would you rather have a loan from the mob or a payday loan company?
A: The mob. Because the mob will just kill you; a Payday loan company will KEEP you!

[IamOld]

Right justbroke - my atty always says that those who are the loudest with the loudest "bark" are the ones least likely to be able to do you harm...

That is probably why the Payday loan companies tried to model the Mob loan business. However, you know what you're getting from the Mob and what will happen to you if you don't repay. With Payday loan companies, they use intimidation, threats, and pure extortion.

It's like an old question I've heard. I modified it a little for this particular topic.

Q; Would you rather have a loan from the mob or a payday loan company?
A: The mob. Because the mob will just kill you; a Payday loan company will KEEP you!

[despritfreya]

WOW. . . I'll bet that original poster "Alleyseo" won't be posting here ever again.

Des.

[ttg1]

Honestly, payday loans should be banned. Period.

[IamOld]

AGREED!!! And we should bring back usury laws - interest rate limits - like before the 80's - say...no more than 5% above fed funds rate capped at say...12%? FOR EVERYTHING>

[AngelinaCatHub]

As it this thread mentioned by Mrs. C, I believe I lost a fond friend by "doing her a favor". http://www.bkforum.com/showthread.ph...r-payday-loans

I/we gave her $1000 to kill off her $500 monthly shuffle of her 1K SS, costing her from 50 to 80 dollars a month for the privilege of playing a shell game with "Speedy Cash". Half the money was to pay her current loan, and the other half to GIVE her that extra 500 she felt she needed every month. The terms for the GIFT was NEVER to use pay day loan again and give her a "head start" against having to.

Well, I lost our money, and I lost our friend. Have you heard of this lesson before? I have from my grandfather, and before him my g-grandfather, etc. Pay day loans are a mental condition. 'Hub


EDIT: Loaning money to friends is too.