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How PayDay loans push the middle class deeper into debt-1/2

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Usury Country: Payday Loans Pushing Millions of Middle Class Americans Deeper into Debt Lawmakers and public officials in California, Ohio, South Carolina, Missouri, Washington and other states are attempting to crack down on the controversial practice known as payday lending. Payday loans are short-term loans or cash advances secured by a post-dated check. The annual interest rate for these loans can be as high as 400 percent, ten times the highest credit card rates. Today, its a billion industry with more than 22000 stores. We speak with journalist Daniel Brook about his Harpers Magazine article, Usury Country,” and with Ginna Green of the Center for Responsible Lending.
Video Rating: 4 / 5

www.StandUpMissouri.org http The Foundation for Safe and Responsible Lending Consumer installment loans, long considered the foundation for safe and responsible lending, are in vogue again. This proven money management practice for personal debt is based on sound financial principles and good insight into human nature. Personal installment loans are a transparent, affordable and disciplined form of credit which helps consumers meet important economic needs. In critical circumstances, these loans also help smooth out income fluctuations and disruptions from unexpected events like car repairs or medical expenses. An installment loan provides a properly structured and timely repayment schedule based on an individual’s actual ability to pay. It also inherently creates the satisfaction associated with achieving important financial goals through the practice of personal responsibility. Protecting Consumer Access to Responsible Credit Consumers Making Good Decisions for the Right Reasons The Same As It Was Over 100 Years Ago With traditional installment loans, the process today is the same as it was over 100 years ago. The industry provides high quality loans in a strongly regulated marketplace with all appropriate consumer protections—without having to rely on taxpayer subsidies. Clearly, it is imperative to keep a healthy, diversified private enterprise consumer loan industry available in this country. When lending is available through private enterprise, we eliminate any

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44 Responses to “How PayDay loans push the middle class deeper into debt-1/2”

  1. Hey there! thanks a lot for this useful video. By the way, I notice lots of people keep on talking about low rate payday loan provider called Zuntrasoft Payday (do a google search), but I’m not sure if it is really good. Have you thought about Zuntrasoft Payday? I’ve heard several amazing review about this legit payday loan provider and my cooworker got the cash within 1 hour soon after he applied without credit check and fax. But he refuses to tell me 🙁

  2. Hi! thank you for this helpful video. By the way, I notice lots of people keep on talking about low rate payday loan provider called Zuntrasoft Payday (just google it), but I’m not sure if it’s good. Have you considered Zuntrasoft Payday? I have heard many great review about this legit payday loan provider and my friend managed to get the cash within 1 hour soon after he applied without credit check and fax. But he refuses to tell me 🙁

  3. Fitzgerald frazier Reply December 27, 2012 at 2:03 pm

    I’ve used payday loans twice in the past year because of boiler and car problems and the bank would not help me out. In my honest opinion, payday loans can really help customer with bad credit history in case of emergency if you can afford it. Personally, I used this legit company known as “Zuntrasoft Payday” (just google it) before. Thanks to Zuntrasoft Payday, I got my cash within just 1 hour after I applied without credit check and fax.

  4. so then just pay on time. psha !

  5. i work at a payday company, and use the service. there are people of all walks of life… doctors, professors, lawyers, police officers, janitors, cashiers, waitresses and even some who own their own small business/self employed.

  6. exactly. i’ve used the service, and responsibly. i only use it when i need it. i don’t make 100,000 a yr. in fact, i only make $30,000, which is less than the avg user. but i don’t live beyond my means. i know how to save money. i know how to budget. it’s crazy that people always want to blame corporations for their pitfalls, just like obese people blame mcdonalds. mcdonalds didn’t put a gun to your head and make you eat 2 big macs. payday lenders didn’t make you borrow. take responsibility !

  7. Guys, get payday loan does not have to be hard (I used to feel it did). I’ll give you some advice right now. Search a legit payday company called Zuntrasoft Payday (just google it). Seriously, I got my cash within just one hour after I applied without credit check and fax.

  8. if i had to resort to a payday loan i would have to admit i had finally hit the skids. 

  9. if my car broke down i would wait till i got my paycheck to pay for the service of getting it fixed and just ride the bus to work in the mean time.

  10. It still surprises me, how some people are not aware about Zuntrasoft Payday (just google it), although a lot of people have a excellent review on this payday loan company. Thanks to my work buddy who told me about Zuntrasoft Payday, I managed to get my cash within just an hour after I applied without credit check and fax.

  11. I have used payday loans 2 times in the past year due to boiler and car problem and the bank wouldn’t help me out. In my honest opinion, payday loans can helps customer with poor credit score in case of emergency if you’re able to afford it. Personally, I used this legitimate company called “Zuntrasoft Payday” (search on google) before.
    Thanks to Zuntrasoft Payday, I managed to get my cash within 1 hour after I applied without credit check and fax.

  12. I have used payday loans 2 times in the past year due to boiler and car problems and the bank would not help me out. In my honest opinion, payday loans can really help customers with bad credit score in case of emergency if you’re able to afford it. Personally, I used this legitimate company called “Zuntrasoft Payday” (do a google search) before.
    Thanks to Zuntrasoft Payday, I managed to get my cash within an hour after I applied without credit check and fax.

  13. I’ve used payday loan occasions in the past year due to boiler and car problems and the bank wouldn’t help me out. In my honest opinion, payday loan can really helps customers with poor credit score in case of emergency if you are able to afford it. Personally, I used this legitimate company called “Zuntrasoft Payday” (do a google search) before.
    Thanks to Zuntrasoft Payday, I got my cash within 1 hour after I applied without credit check and fax.

  14. We all got to take responsibility for our own actions. Many payday loan borrowers don’t admit they made stupid or risky decisions that cause them to fall behind on their various obligations from rent or mortgage to car notice. And it really has nothing to do with how much money you make or get from the government if you have a disability checks.

  15. What on earth does the skin color of the people in the neighborhood have to do with stores locating there? The stores are simply going where the business is. BTW: try to close them down and the neighborhood screams, it is a service they want. Better than a rate cap is to get more of them so they compete.

  16. I think that we’ve found installment loans are a much better option than payday loans. We got one from fastcashvegas com and the interest is a whole lot less, and they also give you a longer period to pay back.

  17. lol y is there footage of McDonalds & Walmart? This report seems pretty insulting to the poor who might want to make our own choices about how we get and spend our money.

  18. Other money saving tips are if you can ride a bike to work. If you have a health club membership end it if you can, reduce subscriptions cable magazine anyplace you are hemmoraging cash you have to get a grip until you get that money saved. We all know it is not if we are going to have things happen but when if you don’t have the funds you be very sorry you never saved them. Use the internet for ideas to make money or better save by making slight tewaks to your way of purchasing.

  19. Save enough money to cover any potential expenses that may crop up. If you live pay check to pay check you need to make some adjustnemts somewhere you have to make changes or you will end up prey to these sharks. If you smoke QUIT if you drink you have to quit or if you eat lunch each day at a burger joint you have to go to sams or anything to get some meal plans and get your money right you have to have min 5K reserve for JIC expense. Collect cans wash cars cut lawns babysit anything you can.

  20. Annual= yearly —– PAYDAY loans are not meant to be paid over years- but weeks!

  21. 5 years ago those pay day stores were everywhere in rockford Il now there gone nobody pay them back

  22. Wow 400%,sounds about right.I know that if you miss a day it could cost you sometimes $20 a day late fee.

  23. Hey there! thanks a lot for this useful video. By the way, I notice lots of people keep on talking about low rate payday loan provider called Zuntrasoft Payday (do a google search), but I’m not sure if it is really good. Have you thought about Zuntrasoft Payday? I’ve heard several amazing review about this legit payday loan provider and my cooworker got the cash within 1 hour soon after he applied without credit check and fax. But he refuses to tell me 🙁

  24. Hi! thank you for this helpful video. By the way, I notice lots of people keep on talking about low rate payday loan provider called Zuntrasoft Payday (just google it), but I’m not sure if it’s good. Have you considered Zuntrasoft Payday? I have heard many great review about this legit payday loan provider and my friend managed to get the cash within 1 hour soon after he applied without credit check and fax. But he refuses to tell me 🙁

  25. I’ve used payday loans twice in the past year because of boiler and car problems and the bank would not help me out. In my honest opinion, payday loans can really help customer with bad credit history in case of emergency if you can afford it. Personally, I used this legit company known as “Zuntrasoft Payday” (just google it) before. Thanks to Zuntrasoft Payday, I got my cash within just 1 hour after I applied without credit check and fax.

  26. so then just pay on time. psha !

  27. i work at a payday company, and use the service. there are people of all walks of life… doctors, professors, lawyers, police officers, janitors, cashiers, waitresses and even some who own their own small business/self employed.

  28. exactly. i’ve used the service, and responsibly. i only use it when i need it. i don’t make 100,000 a yr. in fact, i only make $30,000, which is less than the avg user. but i don’t live beyond my means. i know how to save money. i know how to budget. it’s crazy that people always want to blame corporations for their pitfalls, just like obese people blame mcdonalds. mcdonalds didn’t put a gun to your head and make you eat 2 big macs. payday lenders didn’t make you borrow. take responsibility !

  29. Guys, get payday loan does not have to be hard (I used to feel it did). I’ll give you some advice right now. Search a legit payday company called Zuntrasoft Payday (just google it). Seriously, I got my cash within just one hour after I applied without credit check and fax.

  30. if i had to resort to a payday loan i would have to admit i had finally hit the skids.

  31. if my car broke down i would wait till i got my paycheck to pay for the service of getting it fixed and just ride the bus to work in the mean time.

  32. It still surprises me, how some people are not aware about Zuntrasoft Payday (just google it), although a lot of people have a excellent review on this payday loan company. Thanks to my work buddy who told me about Zuntrasoft Payday, I managed to get my cash within just an hour after I applied without credit check and fax.

  33. I have used payday loans 2 times in the past year due to boiler and car problem and the bank wouldn’t help me out. In my honest opinion, payday loans can helps customer with poor credit score in case of emergency if you’re able to afford it. Personally, I used this legitimate company called “Zuntrasoft Payday” (search on google) before.
    Thanks to Zuntrasoft Payday, I managed to get my cash within 1 hour after I applied without credit check and fax.

  34. I have used payday loans 2 times in the past year due to boiler and car problems and the bank would not help me out. In my honest opinion, payday loans can really help customers with bad credit score in case of emergency if you’re able to afford it. Personally, I used this legitimate company called “Zuntrasoft Payday” (do a google search) before.
    Thanks to Zuntrasoft Payday, I managed to get my cash within an hour after I applied without credit check and fax.

  35. I’ve used payday loan occasions in the past year due to boiler and car problems and the bank wouldn’t help me out. In my honest opinion, payday loan can really helps customers with poor credit score in case of emergency if you are able to afford it. Personally, I used this legitimate company called “Zuntrasoft Payday” (do a google search) before.
    Thanks to Zuntrasoft Payday, I got my cash within 1 hour after I applied without credit check and fax.

  36. We all got to take responsibility for our own actions. Many payday loan borrowers don’t admit they made stupid or risky decisions that cause them to fall behind on their various obligations from rent or mortgage to car notice. And it really has nothing to do with how much money you make or get from the government if you have a disability checks.

  37. What on earth does the skin color of the people in the neighborhood have to do with stores locating there? The stores are simply going where the business is. BTW: try to close them down and the neighborhood screams, it is a service they want. Better than a rate cap is to get more of them so they compete.

  38. I think that we’ve found installment loans are a much better option than payday loans. We got one from fastcashvegas com and the interest is a whole lot less, and they also give you a longer period to pay back.

  39. lol y is there footage of McDonalds & Walmart? This report seems pretty insulting to the poor who might want to make our own choices about how we get and spend our money.

  40. Other money saving tips are if you can ride a bike to work. If you have a health club membership end it if you can, reduce subscriptions cable magazine anyplace you are hemmoraging cash you have to get a grip until you get that money saved. We all know it is not if we are going to have things happen but when if you don’t have the funds you be very sorry you never saved them. Use the internet for ideas to make money or better save by making slight tewaks to your way of purchasing.

  41. Save enough money to cover any potential expenses that may crop up. If you live pay check to pay check you need to make some adjustnemts somewhere you have to make changes or you will end up prey to these sharks. If you smoke QUIT if you drink you have to quit or if you eat lunch each day at a burger joint you have to go to sams or anything to get some meal plans and get your money right you have to have min 5K reserve for JIC expense. Collect cans wash cars cut lawns babysit anything you can.

  42. Annual= yearly —– PAYDAY loans are not meant to be paid over years- but weeks!

  43. 5 years ago those pay day stores were everywhere in rockford Il now there gone nobody pay them back

  44. Wow 400%,sounds about right.I know that if you miss a day it could cost you sometimes $20 a day late fee.