Comments on: Do Payday Loans “Victimize” People?

By: Dan Kooper

Dan Kooper — Thu, 18 Jun 2009 20:32:13 +0000

I think payday loans are perfectly fine. Everyone says interest rates are bad.

I have a bank of america credit card – my interest rate is 30% and that is still perfectly legal for them to do. Interest rates on payday loans never come close to that!

By: personal loan companies

personal loan companies — Sat, 13 Dec 2008 17:13:50 +0000

i think payday loans are a great financial resource when used wisely and paid in a timely manner. they really helped me when i needed cash fast for an unforseen emergency that came up and i still had a few days until i received my next paychceck. the application process was simple, they didnt check my credit, the rates were very affordable and the best part is its confidetial so no one has to know your applying for one.

By: Loans

Loans — Sat, 29 Nov 2008 22:55:31 +0000

I think the problem is that people are not informed about all the different types of loans there are and how they each work. Tbe best thing to do is to get all the informations possible avaible and then take out a loan.

By: Payday loan

Payday loan — Sat, 29 Nov 2008 22:34:50 +0000

Payday loans are a great way to help those who need a little extra cash for the holidays.

By: lmedsker

lmedsker — Tue, 03 Jul 2007 19:38:39 +0000

Mean’t to say “people aren’t stupid”…

By: lmedsker

lmedsker — Tue, 03 Jul 2007 19:37:34 +0000

Just came across this discussion and realized people don’t understand the product. Here’s the thing…payday loans cost $15 per $100. Clear, straightforward, no hidden fees, etc. Bouncing a check (at my bank anyway) costs $39. Late fee on a credit card is $39.

If someone takes out a payday loan to avoid these other high fees, they aren’t a “victim”, they’ve actually made a rational decision about what will cost them more.

People are stupid. If they had a cheaper way to get a few hundred bucks, they’d find it.

By: James

James — Sun, 29 Apr 2007 03:54:32 +0000

Do they victimize people…

In a word. Yes

Its a no-brainer.

By: » Brief China Notes and Weekly Roundup on Blueprint for Financial Prosperity

Sun, 29 Apr 2007 01:39:49 +0000

[...] JLP discusses his disdain for both payday loans and the implication that borrowers are victims and not willing participants. I totally agree. [...]

By: » Weekly Blog Roundup on Consumerism Commentary: A Personal Finance Blog

» Weekly Blog Roundup on Consumerism Commentary: A Personal Finance Blog — Fri, 27 Apr 2007 18:02:32 +0000

[...] Do Payday Loans “Victimize” People? Payday Loans are bad ideas, but are they victimizing customers, or should customers take full responsibility? Responsibility must be shared between companies that should operate in an ethical manner and not take advantage of people in difficult positions, and customers who must be as educated as possible about whatever product or service they’re considering. [AllFinancialMatters] [...]

By: Free Money Finance

Free Money Finance — Fri, 27 Apr 2007 10:19:51 +0000

Star Money Articles for the Week of April 23

Here are interesting posts and news this week from the MoneyBlogNetwork members and beyond: Consumerism Commentary says he buys generic and store brands sometimes. AllFinancialMatters asks if payday loans victimize people. MightyBargainHunter details h…